Meethaq ex­tends fi­nance for Oman Mu­ni­tion Pro­duc­tion Co

Muscat Daily - - BUSINESS -

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.”

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