MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, will host a briefing session tomorrow (Tuesday, May 23) on the Sultanate’s first Sukuk programme. The session beginning at 7 pm at Bank Muscat head office is open to all interested in the investment opportunity.
The briefing session will focus on the maiden RO 25 million Meethaq Sukuk issuance, which is presently open for subscription from May 21 till June 1, as part of a larger RO 100 million Sukuk programme for retail and institutional investors.
Meethaq is the first Islamic banking entity to obtain CMA approval for a Sukuk issuance targeting retail investors in Oman. Under the RO 100 million programme, Meethaq will issue Sukuk in various tranches from time to time, to fund its growth plans and expansion of Islamic banking services across the Sultanate.
The banking sector in Oman is witnessing the consolidation of Islamic banking and Meethaq is focused on redefining Islamic banking operations in Oman. As the leading Islamic financial services provider in the Sultanate, Meethaq has many achievements contributing to the growth and development of the Sultanate’s economy. Within just four years of operations, Meethaq has attained the leading position in the Islamic banking industry in Oman. Meethaq Islamic financing receivables rose to RO 902 million as of 31 March 2017 compared to RO 665 million in the same period of 2016. Islamic banking customer deposits amounted to RO 780 million as of 31 March 2017 compared to RO 678 million reported for the same period in 2016.
Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and compliments 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.
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