News Column

Meethaq signs MoUs to promote Islamic banking in Oman

July 8, 2014

Times News Service

Muscat: Meethaq, a pioneer in Islamic banking in Oman and a subsidiary of Bank Muscat, the Islamic Development Bank (IDB) and the Islamic Research and Training Institution (IRTI) signed a memorandum of understanding (MoU) aimed at jointly supporting business opportunities in the Islamic banking sector.

The MoU provides a general as well as a broad understanding of the common interests of the respective institutions and a desire to work together for mutual benefit and for the greater common 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.

They expressed delight in signing the MoU which is the culmination of a mutual desire to work together in various fields of Islamic banking to develop new opportunities.

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

Sulaiman Al Harthy added, "Meethaq is delighted to sign the MoU with the IDB and the IRTI, both considered among 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 Sharia law."

The IRTI's Advisory Services and the IDB's Financial Product Development Centre are already working closely with Bank Muscat's Islamic subsidiary Meethaq to introduce innovative Islamic financial products that are Sharia based.

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Source: Times of Oman

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