Meethaq Shari’a Board reviews growth strategy

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, held the second Meethaq Shari’a Supervisory Board meeting of the year led by Sheikh Dr Ali Qaradaghi, Chairman, at Bank Muscat head office. The board reviewed new products and services in the pipeline as well measures to enhance customer service. Sulaiman Al Harthy (pictured), Deputy Chief Executive Officer — Islamic Banking, said, “The Meethaq Shari’a Supervisory Board discussed many important topics to consolidate the leading position of Meethaq Islamic Banking. Meethaq is focused on developing as a benchmark for Islamic banking and finance in Oman and the region.
Within four years of operations, Meethaq has attained the leading position in the Islamic banking industry in Oman in terms of financing receivables, branch network, products and services, IT infrastructure and human resources development. The Meethaq Shari’a Supervisory Board has made valuable contributions in establishing Meethaq as the leading Islamic banking service provider in Oman.” Meethaq Islamic financing receivables rose to RO 902 million of March 31, 2017 compared to RO 665 million in the same period of 2016. Islamic banking customer deposits amounted to RO 780 million as of March 31, 2017 compared to RO 678 million reported for the same period in 2016. The Meethaq network has grown to 16 branches across the Sultanate since inception of operations in 2013.