MUSCAT : Meethaq Islamic Banking from Bank Muscat held its first Shari’a Supervisory Board meeting for 2022 at the bank’s Head Office in Seeb recently. The meeting began with a welcome for the new Shari’a Supervisory Board members, who include Sheikh Dr. Abdullah bin Mubarak Al Abri, Sheikh Dr. Akram Laldin, Sheikh Dr. Abdul Aziz Al Qassar, Sheikh Waleed Al Qurri and Sheikh Dr Ahmed Rufai.

The Shari’a Board members approved the appointment of Sheikh Dr. Abdullah bin Mubarak Al Abri as Chairman and Sheikh Dr. Akram Laldin as Deputy Chairman of Meethaq’s Shari’a Supervisory Board respectively. In addition, the Shari’a Board members also appointed Sheikh Dr. Abdullah bin Mubarak Al Abri and Sheikh Waleed Al Qurri to the Executive Shari’a Committee of the Board. Other matters discussed by the Meethaq Shari’a Supervisory Board included the approving of a framework mechanism for seeking Shari’a Supervisory Board reviews and resolutions, as well as the reviewing of a number of proposals for transactions by the bank.

Meethaq thanked Sheikh Dr. Abdullah bin Mubarak Al Abri and all the members for their valuable efforts and contributions to developing Islamic Banking in the Sultanate. The bank noted that regular meetings of the Board are very important since it provides sound legal opinion for the transactions, agreements and contracts made across its business activities.

Meethaq Islamic Banking provides Shari’a-compliant banking services under the supervision of Shariah Supervisory Board and in line with the regulations for Islamic banks issued by the Central Bank of Oman. The Shari’a Supervisory Board consists of scholars who are well-known for their knowledge in Islamic jurisprudence, especially the jurisprudence of transactions and contemporary economy. Their responsibilities includes reviewing and approving products, services, activities, investments, operations and transactions before their implementation, in addition to auditing them through the internal Shari’a audit department to ensure their integrity in accordance with the legal aspects specified in the decisions and fatwas of the Board.

With close to 30 per cent market share of the total Islamic banking assets, Meethaq once again demonstrated its leadership in the Sultanate’s Islamic Banking sector with its Islamic financing receivables reaching RO 1.4 billion and customer deposits growing close to RO 1.2 billion as at 31 December 2021. Meethaq’s Total Asset base stood at about RO 1.63 billion at the end of 2021. It must also be noted that Meethaq’s excellent customer-centric vision and strong commitment to offer a world-class Islamic banking experience has won it several accolades in the past including being chosen as Oman’s Most Trusted Brand (Islamic Banking) 2021 as well as securing multiple industry awards from Islamic Finance News (IFN).