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Meethaq seminar highlights Islamic banking features
Times News Service
March 27, 2013 , 7 : 58 pm GST
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Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted a seminar on Islamic banking in Nizwa, under the auspices of Saif bin Amer al Shaksi, undersecretary at the Ministry of Housing. Photo — Supplied picture
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, hosted a seminar on Islamic banking in Nizwa, under the auspices of Saif bin Amer al Shaksi, undersecretary at the Ministry of Housing.
Dr Abdullah bin Mubarak Al Abri from the Ministry of Awqaf and Religious Affairs addressed the seminar aimed at raising awareness and familiarising people with the main characteristics of Islamic finance. Meethaq products and services were highlighted at the event attended by dignitaries and prominent people.
Sulaiman Al Harthy, group general manager (Islamic Banking), said: "Meethaq is proud to take the lead in launching a suite of banking products which combine traditional values with modernity. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which will protect customers and complement the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Sharia-based products and services. The operations are managed by an experienced team, separate from conventional banking."
Transparency and trust
Bank Muscat is the first commercial bank in Oman to receive Cental Bank of Omans's (CBO) approval and begin independent 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 Sharia-compliant manner.
Bank Muscat's Meethaq delivers products and services to meet all financial needs of customers by ensuring true partnership, transparency and trust.
Every Meethaq product goes through the process of Sharia-compliance certification by the Sharia Supervisory Board and is created in line with the guidelines of the CBO.
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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