OMAN: Meethaq Shari’a Board Reviews New Products

According to ONA, the Meethaq Shari’a Supervisory Board today conducted its fourth and final meeting of 2013 to discuss the strategy for the coming period, especially Meethaq products in the pipeline, as well as contracts and agreements relating to these products.

Sulaiman al-Harthy, Group General Manager of Meethaq Islamic Banking, said, “The Meethaq Shari’a Supervisory Board discussed many important topics, such as new product contracts and Meethaq workflow. Meethaq is proud to have on board some of the brightest minds on Islamic finance to chart the way forward.”

Al-Harthy thanked all board members for their insight and efforts to ensure the Meethaq workflow is fully Shari’a compliant. “The Shari’a Board has made valuable contributions in establishing Meethaq as the leading Islamic banking services provider in the Sultanate,” he added.

It is worth mentioning that 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. The Meethaq strategy is to attract customers through innovative Shari’a based products and services. The operations are managed by an experienced team, separate from conventional banking.

Bank Muscat is the first commercial bank in Oman to launch 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 Shari’a compliant manner.

Meethaq stands out for its independent Shari’a Supervisory Board, separate capital allocation from shareholders’ money, unique risk management tools, complete fund segregation, separate books of account, core banking system for 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.

*This article was published on 10 December 2013 by Read the original article here.


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