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Oman : MEETHAQ inks MoU with IDB to promote Islamic banking opportunities

July 10, 2014

The Islamic banking arm of Bank Muscat, Meethaq, has inked a memorandum of understanding with Islamic Development Bank (IDB) and Islamic Research and Training Institution (IRTI).

The MoU aims at supporting joint business opportunities in the Islamic banking sector. It offers a general and broader understanding of the common interests of the respective institutions.

During a recently held ceremony in Saudi Arabia, the MoU was signed between Meethaq group general manager Sulaiman Al Harthy, IDB finance vice-president Abdulaziz Al Hinai and IRTI general manager Dato Azmi Omar.

The MoU was the culmination of mutual desire to work together in various fields of Islamic banking to develop new opportunities, they stated.

Al Harthy said, Oman is witnessing substantial growth in the Islamic banking industry and we consider our partnership with IDB and IRTI a great advantage to maximise favourable opportunities and expand our coverage. In addition, it will support the position of Meethaq group in the Islamic banking industry.

IDB and IRTI were among the most reputable Islamic financial institutions for Meethaq. It plans offering of several innovative Islamic finance products and also seeks expansion of its branch network.

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Source: TendersInfo (India)

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