Al Salam Bank Bahrain B.S.C. (ASBB) and Bahraini retail and commercial banking institution, BMI Bank jointly announced the signing of a Memorandum of Understanding (MoU) with Meethaq, Bank Muscat's Islamic window.
As part of the MOU, the banks have collectively agreed to pool expertise, technologies and resources and work together across a range of Islamic banking activities including Islamic syndications, particularly those issued in Oman, treasury transactions, liquidity management products and Islamic trade finance transactions.
The signing ceremony held at BMI Bank's headquarters, was attended by the Chief Executive Officers of the two banks Yousif Taqi and Jamal Al-Hazeem with Sulaiman Al Harthy, Group General Manager and Muhammad Nadeem Aslam, Head of Islamic Banking - representing Meethaq Islamic Banking.
Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said, "Since its inception in 2013, Meethaq has emerged as a leading Islamic Banking service provider in Oman and has enhanced its reputation within the region through its investments in staff, systems and controls along with the timely launch of several world-class Sharia Compliant products and services. Our organizations share mutual principles, values and select expertise and are therefore pleased to sign this MoU today and look forward to enhancing this partnership in the coming years."
Sulaiman Al Harthy, Group General Manager of Meethaq Islamic Banking said, "Meethaq is delighted to sign the MoU with Al Salam Bank and BMI Bank and we will work together to offer various Islamic finance products covering treasury, trade finance and capital market in Oman. Meethaq is working to strengthen its operations in the Sultanate which is witnessing substantial growth in Islamic banking industry and we consider our partnership with Al Salam Bank Bahrain and BMI Bank a great advantage to maximize favorable opportunities and thereby expand our coverage."