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Bahrain : AL SALAM, BMI BANK ink MoU with MEETHAQ

June 9, 2014

Al Salam Bank Bahrain (ASBB) and BMI Bank have entered into a memorandum of understanding (MoU) with Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat.

The MoU will see the banks exchanging expertise, technologies and resources and work together across a range of Islamic banking activities such as Islamic syndications, particularly those issued in Oman, treasury transactions, liquidity management products and Islamic trade finance transactions.

BMI Bank chief executive Jamal Al Hazeem, ASBB chief executive Yousif Taqi, Meethaq Islamic Banking Group general manager Sulaiman Al Harthy and head of Islamic banking Muhammad Nadeem Aslam were present at the signing ceremony, held at BMI Bank headquarters.

Mr Al Hazeem said, Since its inception last year, 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.

He added, Our organisations share mutual principles, values and select expertise. Therefore, we are pleased to sign this MoU and look forward to enhancing this partnership in the coming years.

The entities would work together to offer various Islamic finance products covering treasury, trade finance and capital market in Oman, said Mr Al Harthy.

He added, 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 maximise favourable opportunities and thereby expand our coverage.

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Source: TendersInfo (India)

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