IslamicFinance.de

Meethaq organised a series of meetings to highlight the role of Islamic finance in the economic development of Oman. The Shua’a initiative by Meethaq to raise awareness on Islamic economics was attended by members of the Majlis Ash’shura Economic Committee. A similar meeting held in the Higher Judicial Institute in Nizwa was attended by scholars, researchers, entrepreneurs and students. The meetings addressed by senior Meethaq officials covered a wide gamut of areas, including savings account, asset management and project finance. Meethaq is focused on developing as a benchmark Islamic financial institution in Oman and the region.

The Sharia Supervisory Board of Meethaq conducted its first meeting of 2013 under the chairmanship of Shaikh Dr Ali Qaradaghi. The board inducted two new members — Abdulqader Thomas and Dr Saeed al Muharrami. The two experts in the field of Islamic banking will serve as non-Shari’a members and assist the Shari’a voting members, providing insights on various Islamic banking issues. The board reviewed Meethaq activities during 2012 and discussed the strategy for the coming period.

Last Sunday, Meethaq, the Islamic banking window of bank muscat opened its first branch in Ghubra. More branch openings are planned in all major cities across Oman this year aiming to reach customers and attract them through Sharia-based products and services. The final amount of capital for the bank’s operations will be determined by business opportunities.

Central Bank of Oman (CBO) has given its final approval to the Islamic banking arm of Bank Muscat - Meethaq - to start full-fledged operations. The starting date of the bank's operations is January 21st. Meethaq will begin functioning as a bank with 150-million-rial capital at its disposal. The money is intended to be used to boost growth opportunities. A full suite of regulated Islamic banking products will be offered.