Meethaq Shari’a Supervisory Board Conducts 1st Meeting for 2025

Muscat,

The Shari’a Supervisory Board (SSB) of Meeting of Meethaq Islamic Banking from Bank Muscat, convened its first meeting of 2025 at the Bank’s Head Office.  The meeting was chaired by Sheikh Dr. Abdullah bin Mubarak Al Abri, Chairman of the Board, and attended by other Board members, as well as senior representatives from the Sharia’a supervisory and audit departments.

During the meeting, the Board reviewed the financial statements for 2024, the internal technical audit report, the annual Sharia’a audit report for the charitable fund, and the activities of the Sharia’a Control Department. The Board also approved the annual Shari’a Compliance report for 2024.  

The SSB discussed several key items, including structured financing transactions and new products that Meethaq intends to launch during the coming period. It also endorsed the Shariah certificate for separation of Meethaq funds.

The regular meetings of the Sharia’a Supervisory Board play a vital role in deliberating on topics pertaining to Islamic transactions, business contracts and practices. These discussions enable the Board to formulate the necessary recommendations and resolutions to ensure compliance with Sharia’a principles.

The Shariah Supervisory Board comprises renowned scholars with 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 works closely with the internal Shariah audit department to ensure alignment with the fatwas and decisions issued by Board, as well as the regulatory guidelines set by the Central Bank of Oman.

Since its inception in 2012, Meethaq Islamic Banking has been at the forefront of Islamic Banking innovation, offering a wide range of sharia-compliant banking products, services and facilities tailored to the diverse needs and preferences of individuals, institutions, and SMEs. 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. It has achieved several notable milestones, including the expansion of its branch network to 31 branches and Hafawa Priority Banking centers across various governorates. This extensive network is further supported by over 50 ATMs and CDMs, along with access to more than 890 devices of Bank Muscat, strategically located across the Sultanate.

In recognition of its pioneering role in the banking industry, Meethaq Islamic Banking has received numerous regional and international awards 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.