Meethaq Sharia’a board re­views 2019 per­for­mance

Muscat Daily - - BUSINESS -

Muscat - The Sharia’a su­per­vi­sory board of Meethaq Is­lamic Bank­ing re­cently held its fourth meet­ing for 2019 un­der the lead­er­ship of Sheikh Dr Ali Mo­hi­ud­din Qaradaghi, chair­man of the board. It was at­tended by the board mem­bers as well as se­nior of­fi­cials from Meethaq, le­gal and in­ter­nal au­dit teams.

The Sharia’a su­per­vi­sory board meet­ing re­viewed the per­for­mance of the Is­lamic bank­ing win­dow as well as new Meethaq in­vest­ment prod­ucts, ac­cord­ing to a press re­lease.

The Meethaq Sharia’a su­per­vi­sory board dis­cussed sev­eral com­pli­ance and Sharia’a au­dit-re­lated mat­ters and ap­proved the an­nual train­ing plans for 2020. The board re­viewed com­pli­ance in the fourth quar­ter of 2019 and up­dated some work poli­cies. It also re­viewed the prod­ucts and ser­vices of­fered by Meethaq in or­der to align it closely with cur­rent best prac­tices in the Is­lamic bank­ing sec­tor.

Meethaq noted that or­gan­is­ing these meet­ings is very im­por­tant as it pro­vide a sound le­gal opin­ion for the trans­ac­tions, agree­ments and con­tracts made by the Is­lamic bank­ing win­dow. Meethaq main­tains a lead­er­ship po­si­tion in the Is­lamic bank­ing in­dus­try in Oman in terms of fi­nanc­ing re­ceiv­ables, branch net­work, prod­ucts and ser­vices, IT in­fra­struc­ture and hu­man re­sources.

As part of its fo­cus to ex­pand op­er­a­tions across the sul­tanate and of­fer a world-class Is­lamic bank­ing ex­pe­ri­ence to cus­tomers, Meethaq cur­rently has 20 state- of- the- art branches spread across dif­fer­ent gov­er­norates of the sul­tanate.

Meethaq has adopted best prac­tices in Is­lamic bank­ing and fi­nance from around the world so to com­bine a ro­bust Is­lamic bank­ing model, which pro­tects cus­tomers and com­ple­ments the bank­ing in­dus­try.

Meethaq prod­uct goes through the process of Sharia’a com­pli­ance cer­ti­fi­ca­tion by the Sharia’a su­per­vi­sory board and is cre­ated in line with the guide­lines of the Cen­tral Bank of Oman.

The board dis­cussed Sharia’a au­dit-re­lated mat­ters and ap­proved the an­nual train­ing plans for 2020

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