(MENAFN - Muscat Daily) Muscat- Meethaq, the Islamic banking window of Bank Muscat, won the Best Islamic Banking Window in Oman Award by Islamic Business & Finance magazine at a gala event in Dubai. In its 12th year, the awards honoured the very best of the Islamic finance industry across the Middle East and Africa, according to a press release.
The awards highlighted exceptional performance and growth of the Islamic business and finance community. The citation noted that in trying times, these institutions have shown resilience, commitment to innovation and a strong ethical backbone. Leading business publications group CPI Financial is the publisher of Islamic Business & Finance magazine.
Sulaiman al Harthy, deputy CEO – Islamic banking at Bank Muscat, said, 'Meethaq is proud to once again win the Islamic Business & Finance award. Within four years of operations, Meethaq has consolidated its leadership position, recording many achievements contributing to the overall growth and development of the sultanate. At a time when the role of Islamic finance is increasingly seen in supporting economic and social development, Meethaq remains committed to initiatives contributing to sustainable development in Oman.'
Meethaq has crossed a milestone of over RO1bn in assets and accounts for over 33 per cent of market share in terms of assets and is the market leader in Islamic banking in Oman. The Bank Muscat's Islamic banking window extends support to all key economic sectors in the sultanate. Its strategy is to attract customers through innovative Sharia'a based products and services.
Meethaq maintains leadership position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources.
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. In recognition of outstanding achievements in Islamic banking, Meethaq has won prestigious local, regional and global awards. The success of Meethaq stems from its commitment to offer world-class Islamic banking service to customers.