Meethaq extends home finance for Al Hamra project in Ras Al Hamra
Sulaiman Al Harthy, deputy chief executive officer – Islamic Banking, and Abbas bin Abdullah Al Ajmi, chairman of Oman Property Development company, signed the MoU
MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Oman Property Development company signed a memorandum of understanding (MoU) to facilitate attrac- tive Meethaq home finance for Al Hamra Classic Home project in Ras Al Hamra.
Sulaiman Al Harthy, deputy chief executive officer – Islamic Banking, and Abbas bin Abdullah Al Ajmi, chairman of Oman Property Development company, signed the MoU at the bank’s head office, says a press release.
Al Harthy said: “Committed to sustainable social and economic development, Meethaq is happy to be associated with Al Hamra project to provide innovative home finance in line with Sharia principles. The real estate sector is a major component of the national economy and Meethaq Islamic banking is committed to extending a helping hand for easy access to Sharia based home finance.”
Attractive home deals
Al Ajmi said: “Oman Property Development company is proud to join hands with Meethaq Islamic Banking in extending attractive home deals. The cooperation between the two institutions will benefit citizens to fulfil their dream homes in Al Hamra project comprising 15 residential units.”
Meethaq offers Sharia based home finance to suit everyone’s needs with simplified documentation and processing across the network of branches in Oman. The residential segment of the real estate sector in Oman is witnessing buoyant trends in light of the growth in population as well as the developing economy. The deregulation granting property ownership rights to GCC nationals and expa- triates has also attracted Oman as an investment destination.
Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, mobile banking and Internet banking. Presently, Meethaq has 17 branches across the Sultanate and plans to expand the network as well as launch new products and services to complement the unique Islamic banking experience.
The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Sharia compliant manner.
Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. Every Meethaq product goes through the process of Sharia compliance certification by the Sharia Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.