MUSCAT – In order to shed light on the Islamic banking sector in the Sultanate of Oman, and to discuss challenges and potential solutions to expand the range of Islamic services and products, Meethaq Islamic Banking by Bank Muscat participated in the 2nd edition of the Oman Islamic Banking Conference entitled (Islamic Banking and Finance: Augmenting Competitiveness and Generating Investment Opportunities).
The event was recently organised at the Crowne Plaza Muscat Hotel, Qurm, under the patronage of is His Excellency Dr Mohammed Bin Said Bin Khalfan Al Mamari, Minister of Awqaf and Religious Affairs and attended by a large number of officials from banking sector and various other institutions. Reflecting a strategic partnership with the Central Bank of Oman, the conference focused on Islamic banking and financing sector in Oman and its ability to generate sustainable investment opportunities through accelerating the sector’s growth pace and enhancing its contributions to the advancement of social and economic progress.
During the conference, Ali bin Ahmed Al Lawati, Assistant General Manager, Meethaq Corporate Banking, delivered a paper titled “Islamic capital markets and investment opportunities”. He talked about Islamic financial markets and the financial products, the efforts of the Capital Market Authority in development of Islamic capital markets in the Sultanate, and the role of Meethaq Islamic Banking in the development of Islamic financial markets including capital markets and challenges facing the sector and various initiatives.
The conference touched upon the reality and future of Islamic banking sector in the Sultanate of Oman, mechanisms that help enhancing the competitiveness of the sector and raising the level of its contribution, current legal and legislative framework and its ability to promote the growth of the sector and meet the challenges, and the ability of the Islamic banking and finance sector in the Sultanate to create real and sustainable investment opportunities. The attendees got acquainted with the contribution and potentials of Islamic capital markets in financing development projects, structure of Islamic banking industry and the requirements of consumer, investment and economic activity for individuals, private and the public institutions. They also learnt about the expansion of Islamic products in Oman, efforts and opportunities in the field of financial technology and digital innovation, and the methodology of taking advantage of the current boom to develop the sector’s contributions, whether at the level of technologies or payment solutions designed for Islamic finance.
Meethaq Islamic banking by Bank Muscat is keen to participate in the events related to fostering the concept of Islamic banking, and the services provided through Islamic financing. Meethaq, since its inception, has been providing a comprehensive range of value-added products and services that undergo rigorous Shariah compliance certification by the Sharia Supervisory Board and adheres to guidelines set forth by the Central Bank of Oman. Meethaq’s adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) further distinguishes its Islamic banking practices.
Additionally, Meethaq provides a vast array of services including several variants of savings and current accounts customized to meet the needs of different customer segments, financing solutions such as home financing, car financing, personal goods financing, travel finance, education finance, marriage finance, diminishing musharaka financing and goods murabaha financing. Meethaq also offers credit cards, debit cards, motor takaful solutions, trade finance solutions and Hafawa premium banking services. With the aim of offering a full range of Islamic financial offerings to cater to the different customer segments, Meethaq provides products suited to the needs of corporates and SMEs which include current account, project financing, working capital facilities and tailored financing solutions based on their business needs.
Meethaq Islamic banking has successfully strengthened its branch network over the past period, as it has 27 branches distributed across various governorates. Meethaq also has more than 50 ATMs and CDMs while customers can also complete their transactions easily and conveniently through more than 800 ATMs and CDMs by Bank Muscat in various governorates of the Sultanate.
Emphasizing its stance of excellence in the Baking sector, Meethaq Islamic Banking has received several -awards from regional and global highly ranked institutions. During the past few consecutive years, Meethaq was awarded Oman’s Most Trusted Brand Award for Islamic Banking from “Apex Media”, the Leading Islamic Banking Brand Award From “The Banker”, multiple prestigious awards from “Islamic Finance News”, The Best Islamic Bank Award in Oman, and a number of awards from “Global Islamic Finance” such as GIFA Market Leadership Award for 2023 and the Best Islamic Digital Bank Award in Oman. Due to the continuous regional and global recognition it receives, Meethaq Islamic Banking commits to upholding its pioneering leadership presence in the Sultanate’s Banking Industry.