Widening its network across the Sultanate, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, opened a state-of-the-art branch in Qurum. Amal Suhail Bahwan, Managing Director of Suhail Bahwan Group, was the guest of honour at the ceremony attended by dignitaries and senior bank officials. With this, the Meethaq branch network has touched 13 since inception of operations in 2013. The occasion also marked the launch of Hafawa Priority Banking service for high saving Meethaq customers.
Amal Suhail Bahwan congratulated Meethaq for extending the branch network to all parts of Oman and setting a benchmark for Islamic banking operations in the country. Amal Suhail Bahwan said: “The banking sector in Oman is witnessing the consolidation of Islamic banking and the state-of-the-art branch network reflects Meethaq’s focus to redefine Islamic banking operations in Oman.”
Sulaiman al Harthy, Group General Manager — Islamic Banking, said: “Meethaq is proud to open the new branch in Qurum as part of its focus to expand branch operations across the Sultanate and thereby offer world-class Islamic banking experience to customers. Meethaq is also happy to introduce Hafawa Priority Banking service for high saving Meethaq customers. Meethaq branches are designed to create a unique Islamic banking environment and experience in line with the Meethaq brand values of true Partnership, Transparency and Trust. Meethaq plans to expand the branch network as well as launch new products and services to complement the unique Islamic banking experience.”
Al Harthy added: “Meethaq strives to fulfil the needs of customers with innovative Sharia based products and the extension of the branch network and launch of Hafawa Priority Banking reflect the commitment and dedication to meet customer expectations for Islamic banking. Meethaq is contributing significantly to the growth and development of the Omani banking sector and we are witnessing an upswing in Islamic finance and investment compatible with the provisions of Sharia laws. Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole.”
Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card and mobile banking. The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Sharia compliant manner.
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 compliance certification by the Sharia Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.
As the pioneer of Islamic banking in Oman, Meethaq stands out for its independent Sharia Supervisory Board, separate capital allocation from shareholders’ money, unique risk management tools, complete fund segregation, separate books of account, Sharia based core banking system, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors.
The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.