Meethaq Sharia board discusses future plans
Muscat – Meethaq Islamic Banking from Bank Muscat convened its first Sharia Supervisory Board meeting of 2024 at the bank's head-office. The meeting was attended by esteemed board members, including Sheikh Dr Abdullah bin Mubarak al Abri, Board Chairman, alongside Shamzani Mohammed Hussain, General Manager of Meethaq Islamic Banking, and the Sharia supervisory and audit management members.
The session commenced with a comprehensive presentation delivered by Meethaq’s team, covering Meethaq’s performance in 2023 and outlining its strategic initiatives for 2024.
During the meeting, the board also discussed and scrutinised into various details and reports pertaining to Meethaq’s transactions. The Sharia Supervisory Board also deliberated on various topics, including the implementation of a structured mechanism for seeking the board's guidance and resolutions effectively.
In addition to this, the board reviewed and accredited the financial data of the financial year ended December 31, 2023, the Sharia annual certificate of separating Meethaq’s capital, the consolidated annual Shariabased audit report, and the amendments made within a number of legal documents and restructured financing transactions.
During the meeting, the board also discussed effectiveness of the Temenos Islamic Core Banking system (T24) which Meethaq has recently launched. The board's regular meetings play a pivotal role in deliberating on topics pertaining to Islamic transactions, business contracts and practices, thereby facilitating the formulation of requisite recommendation and resolutions.
The Shariah Supervisory Board is composed of scholars renowned for their expertise in Islamic jurisprudence, particularly in Islamic transaction processing and contemporary economy. Their primary scope of duties encompasses the review and approval of products, services, activities, investments, operations, and transactions before implementing them for business practices.
Since its inception in 2012, Meethaq Islamic Banking has spearheaded advancement in the Islamic banking landscape revolutionising the quality of the sharia-compliant banking services, products, and facilities.
Catering to the diverse needs and preferences of Meethaq’s valued customers, including individuals, institutions, and SMES, Meethaq offers a comprehensive suite of value-added products and services.