Meethaq, Islamic Development Bank (IDB), and Islamic Research & Training Institution (IRTI) signed a memorandum of understanding (MoU) that aims to support joint business opportunities in the Islamic banking sector.
The MoU provides a general and a broad understanding of the common interests of the respective institutions and a desire to work together for mutual benefits and the greater good of the Islamic finance industry.
Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking, Dr. Abdulaziz Al Hinai, IDB VP Finance, and Prof. Dato Azmi Omar, General Manager of IRTI signed the MoU in a ceremony in Saudi Arabia.
Sulaiman Al Harthy said: "The Sultanate of Oman is witnessing substantial growth in Islamic banking industry and we consider our partnership with IDB and IRTI a great advantage to maximise favourable opportunities and thereby expand our coverage. In addition to that, it will support the position of Meethaq Group in the Islamic banking industry."
Sulaiman Al Harthy added: "Meethaq is delighted to sign the MoU with IDB, and IRTI, which are considered to be the most reputable Islamic financial institutions. We will work together to offer various Islamic finance products Meethaq is working to strengthen its operations in the Sultanate by expanding the branch network and offering innovative products and services in compliance with the Shari'ah law."
IRTI's Advisory Services and IDB's Financial Product Development Center are already working closely with Bank Muscat's Islamic subsidiary Meethaq to introduce innovative Islamic financial products that are Shari'ah based.