Bank Muscat SAOG

11/20/2023 | Press release | Distributed by Public on 11/20/2023 02:37

Meethaq Islamic Banking leads the journey of progress of the Banking landscape

Since its inception in 2012, Meethaq Islamic Banking from Bank Muscat has played a pivotal role in shaping Oman's Islamic banking landscape. Over more than a decade, it has significantly elevated the quality of Sharia-compliant banking services, tailoring a diverse range of products to meet the varied needs of individuals, institutions, and SMEs. With the celebration of the 53rd Glorious National Day of Oman, Meethaq takes immense pride in the track record of achievements solidifying its position as a leader in the industry. Its success lies in a customer-focused strategy, underpinned by rigorous Sharia compliance certified by the Sharia Supervisory Board and adherence to the Central Bank of Oman's guidelines.

Year after year, Meethaq Islamic Banking continues to emphasize its leadership stance, strengthened and enhanced through the fulfillment of ongoing consecutive successes such as expanding the network of branches distributed across the Sultanate, which now currently stands at a total of 28 branches. Within the network of Meethaq branches, 13 are located in Muscat Governorate and the remaining 15 branches are in the other Governorates. In addition to this, Meethaq is currently offering its customers access to a dedicated network of over 50 ATMs/CDMs while also providing them with free access to over 800 ATMs and CDMs of Bank Muscat, which suggests that the diverse suite of Meethaq's banking services and facilities are obtainable and accessible for a wide base of customers. These services are designed to align with Oman's vision for digital transformation by 2040, offering innovative and Sharia-compliant solutions.

SMEs and corporate Support
Meethaq is committed to providing great performance-driven support to its customers from SMEs and Institutional clients by offering a comprehensive suite of banking services and facilities such as current accounts, short-term and long-term financing solutions conducive to capital growth. These financing solutions include trade solutions, "Ijarah" financing, working capital financing, financing solutions for large-scale projects using sharia-compliant structures. Likewise, Meethaq's Islamic banking services offered to SMEs and institutional customers comprise facilities which not only foster the growth of Islamic Banking but also contribute significantly to the progress of the SME sector. These facilities include payment solutions, liquidity solutions, financing solutions, Corporate Purchase Credit Cards, sukuk (the Islamic version of bonds), investment products across various asset classes, guarantees to third-party beneficiaries in compliance with the Sharia provisions, FX solutions including offering Meethaq's customers with efficient and seamless access to FX markets, providing them with market updates, helping them execute transactions as per their needs in accordance with the Sharia principles, offering them a comprehensive set of solutions on exchange and payment facilities encompassing all major currencies in various developed and emerging market currencies. Meethaq Islamic Banking also offers multiples services available online through its Internet Banking and Mobile Banking platforms.

Tailored Services for Individuals
Individual customers benefit from a wide array of Islamic Banking services provided by Meethaq. These offerings range from deposit products such as current and saving accounts, children saving accounts, Meethaq saving plan, Safe Deposit Lockers to financing solutions catering to various needs such as personal finance, car, home, travel, education and marriage financing. Additionally, Meethaq provides investment products and sharia-compliant wealth management solutions. Moreover, distinguished Islamic banking products offered to Meethaq's customers include debit cards, various attractive financing services catering to their diverse needs, and sharia-compliant insurance services represented through "Takaful" products including Smart Critical Illness Takaful, Life Takaful and Motor Takaful; all of which enhance the customers' Islamic banking experience.

To continuously cater to the demand of its growing customer base Meethaq has adopted the latest digital technologies by offering its Islamic banking services and products through Meethaq's Internet Banking and Mobile Banking platform enhancing overall customer experience. Furthermore, Meethaq provides investment banking solutions that allow customers to manage their wealth and investment portfolios through multiple sharia-compliant options.

Commitment to Community and Employee Development
Beyond its banking initiatives Meethaq, the Islamic banking pioneer in the Sultanate, has actively contributed to serving the Omani community by participating in many societal and CSR-focused initiatives, community programs, and charity events that aim to develop the local community.

In fostering the realization of Oman's vision 2040, which emphasizes human resource development as a cornerstone, Meethaq prioritizes the advancement of Omani employees, aiming to bolster their experience and qualifications within the realm of Islamic Banking. To unlock their creative potential and equip them with tools for growth, Meethaq offers employees a range of learning opportunities, diverse courses, and tailored training programs. These initiatives inspire the acquisition of varied skills, empowering them to deliver Meethaq's customers with exemplary Islamic banking services and facilities. Remarkably, Meethaq has garnered substantial acclaim, owing to the responsiveness of the Omani workforce in meeting the Islamic banking needs of customers through top-tier, Sharia-compliant services. Additionally, Meethaq actively nurtures leadership capabilities among its Omani employees, evident in its network of branches managed by competent Omani professionals with extensive experience in Islamic banking.

Global Recognition for Ongoing Leadership
Meethaq Islamic Banking's pioneering efforts have received acclaim on both regional and global platforms. During the past few consecutive years, Meethaq has been honored with significant awards including, Oman's Most Trusted Brand Award for Islamic Banking from "Apex Media", the Leading Islamic Banking Brand Award From "The Banker", multiple prestigious awards from "Islamic Finance News", The Best Islamic Bank Award in Oman, and a number of awards from "Global Islamic Finance" such as GIFA Market Leadership Award for 2023 and the Best Islamic Digital Bank Award in Oman. Due to the continuous regional and global recognition it receives, Meethaq Islamic Banking commits to upholding its pioneering leadership presence in the Sultanate's Banking Industry.