Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted the International Seminar on Risk Management and Compliance in Islamic Financial Institutions organised by the General Council for Islamic Banks and Financial Institutions (CIBAFI). The 2-day event at Al Bustan Palace Ritz Carlton Hotel is attended by senior CIBAFI officials and risk management executives from Islamic financial institutions across the world.
The seminar noted that Islamic financial institutions need to enhance their compliance and risk management capacities to sustain business growth. The key priorities within risk management include macro-risks; IT risks and risk-technologies; credit tools and capacities; alternative liquidity management; compliance; equity finance; and risk governance.
Addressing the seminar, Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, said: “As the pioneer of Islamic banking services in Oman, the initiative to host the seminar stems from the bank’s commitment to identifying the best practices and tackling the challenges faced by Islamic banking and finance industry. At a time when the role of Islamic finance is increasingly seen in supporting economic development, the seminar is a great opportunity for adopting successful strategies on risk management and compliance. The seminar addressed by industry experts provides an ideal platform to discuss best practices, new possibilities and collaborations in Islamic banking and finance to create an environment which should make all of us proud of, balanced with the Shari’a Law, regulatory guidelines, public demands and expectation, and the rule of law, as a whole.”
Meethaq is the leading Islamic financial services provider in the Sultanate with many achievements contributing to the growth and development of the Sultanate’s economy. Meethaq extends support to all key economic sectors in the Sultanate. Meethaq took a major stride in supporting the Sultanate’s economic development as Oman’s first and only Shari’a based aircraft finance was extended to the national carrier Oman Air for acquiring its second Boeing 787 Dreamliner. The recent notable finance facilities offered by Meethaq also include the refinancing facility of RO 78 million signed with Oman Shipping Company for its three very large crude carriers (VLCCs).
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 line with the vision and directive of His Majesty Sultan Qaboos bin Said and aligning with the national objective, Meethaq is focused on strategic initiatives to complement and add value to the country’s progress and development.