Meethaq holds first Shari’a Supervisory Board meeting for 2019

MUSCAT: Meethaq Islamic Banking by Bank Muscat held its first Shari’a Supervisory Board meeting for 2019, which was attended by Abdul Wahid Mohammed al Murshidi, DGM — Islamic Personal Banking, members of the Board as well as a number of other Islamic banking specialists. The meeting began with a welcome for the two new members of the Shari’a Supervisory Board, Shaikh Walid bin Sulaiman al Qari and Shaikh Irshad Ahmed.

The Meethaq Shari’a Supervisory Board discussed several compliance-related matters as well as forensic auditing and updated labour policies. It also reviewed a number of new personal financing products and services as well as plans for forensic training and an awareness campaign for the general public.

Abdul Wahid Mohammed al Murshidi, DGM — Islamic Personal Banking, said, “Meethaq Islamic Banking has consolidated its leadership position and became the most popular and largest Islamic Banking window in Oman within a very short span of time. Over the last five years, it has contributed significantly to the growth and development of the Sultanate’s economy. Today, the Meethaq Shari’a Supervisory Board discussed some important topics that will help Meethaq become the benchmark for Islamic banking and finance in the Sultanate and the wider region.”

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. As part of its focus to expand operations across the Sultanate and offer world-class Islamic banking experience to customers, Meethaq has widened its state-of-the-art branch network to 20.

In January this year, Meethaq held the first draw of the unique Hibati savings scheme for its customers. Ensuring banking inclusiveness, Hibati stems from Meethaq’s commitment to reciprocate in giving back to the community a much broader savings scheme with cash prizes shared by the largest number of winners at a high frequency. The Shari’a compliant scheme encourages Islamic savings deposits with attractive rewards, including Mudarabah profit as well as chances to win cash prizes as Hiba or gift from the bank.

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 Shari’a compliance certification by the Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.