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BankMuscat’s Meethaq wins Best in Oman award by Islamic Banking News

MUSCAT, 13 March 2012 –  BankMuscat’s Meethaq Islamic Banking operations, subject to approval from the Central Bank of Oman, won the Best in Oman award from Islamic Finance News. Sulaiman Al Harthy, Group GM - Meethaq Islamic Banking, received the award at the ceremony in Dubai. The Islamic Finance News awards recognise and celebrate success and contributions of individuals and institutions in the Islamic financial services industry across the world.

Sulaiman Al Harthy said: “BankMuscat is the first financial institution in the Sultanate to introduce Shariah compliant products to the public. Meethaq, the pioneer of Islamic banking in Oman, will reach out to customers with the promise of being true to their beliefs, offering all the advantages of banking by following the principles of Shariah law. The Meethaq suite of banking products which combine traditional values with modernity are in the pipeline to give the choice of staying true to one’s values. Inspired by faith and a tradition of trust, Meethaq will help customers stay true to their values.”

BankMuscat is all set to launch Islamic banking operations in accordance with the injunctions of Sharia, subject to approval from the Central Bank of Oman. The Bank’s Islamic banking operations will be segregated from its conventional counterpart in all aspects.

In line with CBO requirements, the Bank recently announced the formation of a 3-member Shariah board to ensure the Meethaq operations are in compliance with Sharia. The BankMuscat Sharia board members are Sheikh Dr. Ali Qaradaghi, Chairman, Sheikh Essam Muhammad Ishaq and Sheikh Majid Al Kindi.

As the nation’s leading financial services provider, BankMuscat is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. The Bank has in place a comprehensive strategy to effectively respond to the directive of His Majesty Sultan Qaboos on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework prescribed by the Central Bank of Oman (CBO).

The BankMuscat strategy is to attract customers through innovative products and services. The Bank strives to fulfill the needs of customers with innovative solutions and the launch of Meethaq is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. The operations will be managed by an experienced team, separate from conventional banking.