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Meethaq Sharia Board reviews branch operations

Published: 30/12/2013 05:26:32 PM GMT
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Meethaq strives to fulfill the needs of customers with innovative Shari'a based products and the branch network is yet another proof of its commit (more)

Meethaq strives to fulfill the needs of customers with innovative Shari'a based products and the branch network is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. Meethaq is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Meethaq plans to open branches in all major cities and towns across Oman. Bank Muscat is the first commercial bank in Oman to obtain CBO approval and launch Islamic banking window operations. The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Shari'a compliant manner. 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. As the pioneer of Islamic banking in Oman, Meethaq stands out for its independent Sharia Supervisory Board, separate capital allocation from shareholders' money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services.

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