Meethaq extends finance for Oman Munition Production Co
Muscat - Meethaq, the pioneer of Islamic banking in Oman signed an agreement to provide Islamic finance for Oman Munition Production Company (OMPC) set up by the Ministry of Defence.
H E Mohammed bin Nasser bin Mohammed al Rasbi, chairman of OMPC, and Sulaiman bin Mohammed al Yahyai, vice chairman of Bank Muscat, signed the agreement at the Bank Muscat head office in the presence of dignitaries, senior government and Bank Muscat officials led by AbdulRazak Ali Essa, chief executive, a press release said.
H E Rasbi said: “OMPC is proud to join hands with Meethaq to establish the ammunition project aimed at making a significant contribution to the country’s defence capabilities. The project will lay a solid foundation for localised ammunition production and contribute to Oman’s GDP by reducing im- ports and creating employment in the defence equipment production sector in Oman.”
Yahyai said: “As the flagship Islamic banking services provider, Meethaq is proud to launch new initiatives aimed at serving the nation and promoting the concept of Islamic banking in the sultanate. The financing agreement with OMPC further reiterates the bank’s capabilities to handle complex Islamic finance requirements.”