Meethaq Shari’a Supervisory Board Meeting Discusses 2024 Financial Reports and Endorses Policies

Muscat,

The Shari’a Supervisory Board (SSB) Meeting of Meethaq Islamic Banking from Bank Muscat reviewed Meethaq’s performance, internal technical audit reports, financial statements for the third and fourth quarters of 2024, and the annual Shari’a audit report of the transactions and charitable fund, and the annual Shari’a Control Department works. It also looked into investment in a number of sukuk.

The topics were discussed during the sixth Board meeting of 2024 convened at the Bank’s Head Office, and chaired by Sheikh Dr. Abdullah bin Mubarak Al Abri, the Board Chairman, alongside members of the Board, and the Shari’a Supervisory and Audit management members.

The Board endorsed several items including the investment policy, the code of conduct policy, the terms and conditions document, as well as the Shariah certificates.

The SSB regular meetings play a pivotal role in deliberating on topics pertaining to Islamic transactions, business contracts and practices, thereby facilitating the formulation of requisite recommendation and resolutions

The Shariah Supervisory Board is composed of scholars renowned for their expertise in Islamic jurisprudence, particularly in Islamic transaction processing and contemporary economy. Their primary scope of duties encompasses the review and approval of products, services, activities, investments, operations, and transactions before implementing them for business practices. The SSB oversees these aspects through the internal Shariah audit department to ensure their conformity with the legal aspects outlined in the decisions and fatwas issued by Board.

Since its inception in 2012, Meethaq Islamic Banking has spearheaded advancement in the Islamic Banking landscape revolutionizing the quality of the sharia-compliant banking services, products, and facilities. Catering to the diverse needs and preferences of Meethaq’s valued customers, including individuals, institutions, and SMEs, Meethaq offers a comprehensive suite of value-added products and services. These services and products undergo rigorous Shariah-compliance certification by the Sharia Supervisory Board, adhering to guidelines established by the Central Bank of Oman.

Over its 14-year journey, Meethaq has solidified its position as a leader in the Islamic banking sector within the Sultanate of Oman. Meethaq has achieved notable milestones, including the expansion of its branch network to 31 branches and centers of Hafawa for Priority Banking throughout various governorates. This extensive network is further enhanced by over 55 ATMs and CDMs, in addition to access to more than 890 devices of Bank Muscat, strategically located across the Sultanate.

To reinforce its pioneering role in the banking industry, Meethaq Islamic Banking has garnered numerous regional and international accolades in recent years, acknowledging its exceptional banking services, products, and financing solutions for both individual and corporate clients. Among these accolades are the Global Islamic Finance Award (GIFA) for Market Leadership, Oman’s Best Domestic Islamic Bank Award from Euromoney, and Oman’s Most Trusted Brand Award from Apex Media.