Meethaq enhances products to foster SME development

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has enhanced a bouquet of innovative Sharia compliant products and services for small and medium enterprises (SMEs).

Aimed at helping SMEs succeed in the marketplace, the exclusive range of Meethaq SME offerings include working capital finance, term and project finance, trade services and contract finance.

Alongside tailored Sharia compliant financing solutions, the enhanced Meethaq products and services for SMEs include AccelerateSME, a new dedicated SME portal, dedicated account relationship managers and sector specific seminars and conferences to position Meethaq as market leader in the SME space in Oman.

Sulaiman al Harthy (pictured), Deputy Chief Executive Officer — Islamic Banking, said: “Aligning with the national objective of stimulating an entrepreneurial mind-set, Meethaq is focused on strategic initiatives to complement and add value to the country’s progress and development.

Meethaq remains committed to working hand-in-hand with the government and partners to create a favourable environment for SMEs in Oman.” Al Harthy added: “As the powerhouse of Islamic finance in Oman, Meethaq extends support to all key economic sectors in the Sultanate. Alongside mandates to finance major projects, Meethaq is committed to fostering national talent and providing support for SMEs that create meaningful employment opportunities.

The role of SMEs is highly important as Oman is witnessing a gradual shift towards SMEs, addressing the requirements of youth representing more than 50 per cent of the country’s population.”

Access to financing is one of the key challenges facing SMEs in Oman.

The new Meethaq offerings address this critical need.