Meethaq to finance new pharma project in Sohar

Meethaq, the Islamic banking window of Bank Muscat, has signed a financing agreement with Drug Manufacturing Company (DMC) for setting up a state-of-the-art manufacturing unit in Sohar Industrial Estate.

Sulaiman al Harthy, Deputy Chief Executive Officer — Islamic Banking, and Ali Musa al Balushi, Chief Executive Officer of Drug Manufacturing Company (DMC), signed the finance agreement at the bank’s head office, in the presence of the bank’s Management Team members and senior executives of the company.

Sulaiman al Harthy said: “Against the backdrop of Oman’s strategic economic diversification programme and the emergence of Islamic financial services industry, Meethaq is proud to join hands with DMC as part of its commitment to facilitate attractive investment opportunities for local and foreign investors. Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting the strategic national initiative aimed at attracting investments in line with Oman’s Vision 2040 economic blueprint. Meethaq is confident that the finance agreement with DMC will further contribute to sustainable economic development in Oman.”

Ali Musa partnership al Balushi said will contribute the to complementing the private sector role in the country’s progress and development. The company, with an installed capacity of 420 mt annually, will manufacture pharmaceutical products, including active pharmaceutical ingredients (APIs), intermediates and formulations. The promoters of DMC have the expertise and experience in setting up and running similar pharmaceuticals projects in Oman and India, he added.

In about four years of operations, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has attained the leading position in Islamic banking industry in the Sultanate. Meethaq Islamic financing receivables rose to RO 855 million as of December 31, 2016 compared to RO 635 million in the same period of 2015. Islamic banking customer deposits amounted to RO 763 million as of December 31, 2016 compared to RO 625 million reported for the same period in 2015.

Meethaq has many achievements contributing to the growth and development of the Sultanate’s economy. Meethaq extends support to all key economic sectors with innovative Shari’a based products and is well positioned to sustain Islamic financial expertise and thereby promote the good of society as a whole.