MUSCAT: Meethaq’s Shari’a Supervisory Board led by Shaikh Dr Ali Qaradaghi, Chairman, held its third meeting for 2019 at the Bank Muscat Head Office. The meeting was attended by the board members as well as Shamzani Mohammed Hussain, General Manager, and other senior officials from Meethaq.
The meeting reviewed Islamic banking performance and new Meethaq investment products and contracts related to treasury and liquidity management. The Meethaq Shari’a Supervisory Board also discussed several compliance and audit-related matters. It also reviewed a number of new personal financing products and services as well as financial products for the corporate sector. During its meeting, the board also decided to amend some of the products offered by Meethaq to realign it more closely with best practices in the sector.
Meethaq thanked the Board’s chairman Shaikh Dr Ali Qaradaghi and all the members for their efforts and contributions to Meethaq Islamic Banking. They noted that organising these meetings are very important as it provides sound legal opinion for the transactions, agreements and contracts made by Meethaq.
Meethaq maintains a 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 a world-class Islamic banking experience to customers, Meethaq has widened its state-of-the-art branch network in the sultanate to 20.
To add more value to its customers, Meethaq has recently announced the countdown to the mega end of year draw for all its Hibati customers. The exciting annual prizes range from RO 5,000 each for 10 winners who will be drawn from among customers having a minimum average balance of RO 500 and RO 10,000 each for four winners for customers having a minimum average balance of RO 1,000.
Higher prizes of RO 25,000 each are available for three winners, RO 50,000 each for two winners and a mega-prize of RO 100,000 for one winner who will be drawn from customers having minimum average balances of RO 5,000, RO 10,000 and RO 30,000 respectively. A whopping RO 365,000 has been reserved for the year-end prizes for Hibati customers.
Meethaq also recently launched a special Savings Plan, whereby customers will be able to save on a monthly, quarterly, semi-annually or annual basis so as to achieve a particular long term financial goal.
The pioneer of Islamic banking in the country also recently announced the launch of a complementary Education Cover Plan for its Baraem children’s savings account holders. The complementary Education Cover Plan will be now offered by Meethaq to all account holders who have a minimum average balance of RO 1,000 in their child’s Baraem Savings account. This cover will be applicable in cases like the death or permanent total disability of the parent or guardian, which could drastically affect a child’s future chances of success because of the negative effect such incidents would have on the child’s education.
Meethaq has adopted best practices in Islamic banking and finance from around the world so to combine a robust Islamic banking model, which protects customers and complements the 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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