MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, extended support and participated in the 3rd IFN Oman Forum, which brought together a select group of Oman’s leading Islamic finance industry’s practitioners and regulators, to discuss the developments in the Sharia compliant financing and investment market. Tahir bin Salim al Amri, Executive President of the Central Bank of Oman addressed the forum.
Sulaiman al Harthy, Deputy Chief Executive Officer — Meethaq Islamic Banking, participated in a panel discussion, which focused on the role of Islamic banking, capital markets and Takaful in the economic development of Oman. The panel highlighted how the development of Islamic banking, capital markets and Takaful can promote economic growth and expansion in the Sultanate.
Sulaiman al Harthy said: “The development of Islamic finance and banking industry has been an important contributor to Oman’s economic growth. Within five 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 RO 1 billion in assets and accounts for over 33 per cent market share in terms of assets and is the market leader in Islamic banking in Oman. 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.
The various panel discussions addressed by experts at IFN Oman Forum covered Sukuk, capital markets and investment banking and how large-scale projects in Oman can be financed using Sharia compliant structures.
The forum also discussed investment funds and real estate finance with a particular focus on the REIT regulatory framework and what it means for the burgeoning real estate investment market.
Preparing for the future in Islamic banking, the forum shed light on financial technology in Oman and GCC region and analysed industry shifts, regulation and developments in product and delivery channels.
Oman has recorded impressive Islamic finance growth across multiple sectors in the past years. By the end of 2016, Sharia compliant shares worth RO 3.3 billion represented 21.58 per cent of the total market capitalisation of shares listed on Muscat Securities Market. Sukuk outstanding of RO 329.48 million took up 16.29 per cent of the total market value of the fixed income market. In 2017, the sovereign issued its US dollar Sukuk, followed by the first Sukuk programme by Meethaq. Meanwhile, the Takaful market’s gross direct premiums of RO 42.06 million represented 9.3 per cent of the total insurance premiums in Oman.
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