Oman- Meethaq Sharia'a board reviews growth strategy| MENAFN.COM

Wednesday, 22 March 2023 10:30 GMT

Oman- Meethaq Sharia'a board reviews growth strategy

(MENAFN- Muscat Daily) Muscat- The Sharia'a supervisory board of Bank Muscat's Meethaq Islamic Banking window held its first meeting of 2018 under the chairmanship of Sheikh Dr Ali Qaradaghi at Bank Muscat head office.

The meeting was attended by the board members and Sulaiman al Harthy, deputy chief executive officer – Islamic banking at Bank Muscat. The meeting reviewed the 2017 financial results and new products and services in the pipeline for 2018, according to a press release.

Harthy said, 'The Meethaq Sharia'a supervisory board discussed many important topics to consolidate the leading position of Meethaq Islamic Banking. Meethaq is focused on developing as a benchmark for Islamic banking and finance in Oman and the region. Within four years of operations, Meethaq has crossed RO1bn in assets and consolidated its leadership position. Meethaq has also recorded many achievements contributing to the growth and development of the sultanate's economy. The Meethaq Sharia'a supervisory board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman.'

Meethaq maintains its leadership position in Oman's Islamic banking industry in terms of financing receivables, branch network, products and services, IT infrastructure and human resources. Its financing receivables rose to RO970mn in 2017 compared to RO855mn in 2016, recording an increase of 13.5 per cent.

Meethaq's customer deposits rose to RO960mn in 2017 from RO763mn in the previous year, registering an increase of 25.8 per cent. As part of its focus to expand operations across the sultanate and offer world-class Islamic banking experience to customers, Meethaq has widened its state-of-the-art branch network to 19.

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 Sharia'a compliance certification by the Sharia'a supervisory board and is created in line with the guidelines of the Central Bank of Oman.

In recognition of outstanding achievements in Islamic banking, Meethaq has won many prestigious local, regional and global awards.


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