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Meethaq highlights role of Islamic finance at forum on financial disruption

​MUSCAT, 11 September 2018

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in line with the bank’s vision ‘To serve you better, everyday’  and commitment to partnership in promoting Islamic banking and finance in sustainable development and investment opportunities in Oman, participated in a forum on Islamic finance organised by the College of Banking and Financial Studies (CBFS) Forum in association with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOFI).

H.E Tahir bin Salim Al Amri, Executive President of the Central Bank of Oman (CBO), presided at the forum held on the theme ‘Islamic Finance and Shari’a Governance in the age of Financial Disruption’, in the presence of Sheikh Dr Kahlan bin Nabhan Al Kharusi, Assistant Grand Mufti of Oman, Sheikh Mohammad Taqi Usmani, Mufti and Chairman of AAOIFI Shari’a Board, Islamic finance academics and experts.

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “The banking sector in Oman is witnessing the consolidation of Islamic banking and Meethaq is focused on redefining Islamic banking operations in Oman. Meethaq is committed to investments in state-of-the-art technology to further increase efficiency and improve customer service. With emphasis on competitive channels and new products to cater to various sectors, Meethaq is focused on maintaining leadership in hi-tech products and services.”

Issa Salim Al Riyami, Head of Shari’a Compliance – Meethaq Islamic Banking, represented the bank in a panel discussion at the forum. The topics discussed at the event included how technological advancements are shaping consumer behaviour in the marketplace and the need to leverage on opportunities generated by innovative technologies. Aligning regulators and practitioners in rolling out innovative products and services was another topic discussed at the forum. The significant role played by SMEs and the support of Islamic finance to promote an entrepreneurial culture was also highlighted at the forum.

Meethaq is the leading Islamic financial services provider in the Sultanate with many achievements contributing to the Sultanate’s economy. Meethaq extends support to all key sectors in the Sultanate and is focused on developing as a benchmark Islamic financial services provider in Oman and the region. Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting the strategic national initiative aimed at attracting investments in line with Oman's Vision 2040 economic blueprint. The success of Meethaq stems from its commitment to offer world-class Islamic banking service to customers.

Within five years of operations, Meethaq has crossed the milestone of RO 1 billion in assets. Presently, Meethaq accounts for over 33% market share in terms of assets and is the market leader in Islamic banking in Oman. Meethaq financing receivables rose to RO 1062 million at the end of 30 June 2018 compared to RO 915 million in the same period in 2017, registering an increase of 16.1%.  

Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. Every Meethaq product goes through the process of Shari’a compliance certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.