Meethaq continues supporting SMEs to strengthen national economy

As part of the importance given to the sector, Meethaq had earlier launched a dedicated desk for MSMEs and Corporates at Meethaq branches located in prominent business hubs including Al Khuwair, Al Khoudh, Salalah and the head office

MUSCAT: As the leading Islamic financial services provider in the Sultanate, Meethaq Islamic Banking from Bank Muscat continues to play an important role in supporting the Micro, Small and Medium-sized Enterprises (MSME) sector, which has a huge potential for improving economic diversification and creating employment opportunities.

As part of the importance given to the sector, Meethaq had earlier launched a dedicated desk for MSMEs and Corporates at Meethaq branches located in prominent business hubs including Al Khuwair, Al Khoudh, Salalah and the head office.

Meethaq has managed to extend its support to its customers by offering a complete range of Sharia-compliant products and services available to them through its extended network of 26 Meethaq branches spread across the Sultanate.

Ali Ahmed Al Lawati, Assistant General Manager, Meethaq - Corporate Banking, spoke about the importance of the MSME sector for the national economy and the prosperity of the community. “Meethaq’s Sharia-compliant MSME solutions are designed to support our customers to grow their businesses by availing both funded and non-funded financing. Meethaq has also been playing a key role in the development of key sectors in the Sultanate including manufacturing, logistics, telecommunication, fisheries, mining and energy. I would like to take this opportunity to thank all our valued customers for the tremendous confidence they have placed in Meethaq, and promise to continue developing our products and services to serve them better, every day.”

It may be noted that every Meethaq product goes through Shari’a compliance certification by the bank’s Shari’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman. The large suite of Islamic banking offerings includes project financing, working capital facilities, trade financing, access to the largest Islamic banking branch network in the Sultanate and digital banking facilities. Other essential solutions offered by Meethaq include bank guarantees to third parties and Letters of Credit. The services also cover current accounts, deposits and call accounts and corporate purchase cards. All of these are designed following Islamic Sharia-compliant contracts such as Murabaha, Musharaka, Ijarah and Wakala amongst others.

Meethaq is continuously working on improving its services and supporting the MSME and corporate sectors in enhancing its competitiveness by providing a variety of banking facilities. Most importantly, banking support for the MSME sector is backed by an easy, convenient process and assistance from dedicated Relationship Managers.