MUSCAT: The Micro, Small and Medium-sized Enterprises (MSME) sector, which has huge potential for improving economic diversification and creating employment, is an important target of Meethaq’s efforts to support the National Economy. As part of the importance given to the sector, Meethaq from Bank Muscat recently celebrated the United Nations designated Micro, Small and Medium-sized Enterprises Day on June 27 by launching a dedicated desk for MSME & Corporates at Meethaq branches in Sohar, Salalah, Ruwi, Al Khuwair, Al Khoudh and Head Office. On this occasion, a number of Meethaq senior officials celebrated the launch of Ruwi’s desk. These desks are the first of their kind in Islamic Banking in the Sultanate and they are expected to open new horizons for the development of MSMEs.

Speaking on the occasion, Ali Ahmed Al Lawati, Assistant General Manager, Meethaq – Corporate Banking, said: “An important goal of Oman Vision 2040 is to encourage sustainable development in Oman. It is thus vital to support the MSME sector as it can support in providing job opportunities to Omani youth across different sectors. Meethaq’s Shariah-compliant MSME solutions are designed by keep in mind the essential role that MSMEs play in supporting the Sultanate’s economy. These MSME solutions, products and services can help customers grow their businesses through various banking solutions and non-banking support as well. Celebrating this occasion, we are delighted to launch our dedicated MSME desks to provide the best services possible to our valued customers.”

Ali Al Lawati further pointed out that Our comprehensive suite of Corporate Banking solutions supports corporate customers at every stage of their business evolution, and in growing to their full potential. Hence, it is no surprise that Meethaq has been playing a key role in the development of key sectors in the Sultanate including, Manufacturing, Logistics, Telecommunication, Fisheries, Mining & Energy. This is part of Meethaq’s endeavors to help achieve the national goals of strong economic growth, sustainable development and ensuring prosperity for all. We 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 portfolio of products and services so as to serve them better, every day.

Meethaq’s large suite of cutting-edge Islamic banking offerings include project financing, working capital facilities, trade financing, access to the largest Islamic banking branch network in the Sultanate, and digital banking facilities. Throughout the past, Meethaq has been continuously working on improving its services and supporting the corporate sector in enhancing its competitiveness by providing a variety of banking facilities. Meethaq’s services include capital finance, term and project finance, contract finance, trade services, currency exchange services and tailored financing solutions for corporates based on their business needs. Other essential solutions offered by Meethaq include bank guarantees to third parties as well as Letters of Credit. These solutions facilitate the import and export of goods and the completion of various contracts for large entities. The services also cover accounts like current accounts, deposits and call accounts and corporate purchase cards. Moreover, it offers special services related to transfers, collection of cheques, digital services, payment and currency services. All of these are designed in accordance with Islamic Sharia-compliant contracts such as Murabaha, Musharaka, Ijarah and Wakala amongst others. The products and services are available through the extended network of 24 Meethaq branches across the Sultanate. Banking support for the MSME sector is backed by an easy, convenient processes and assistance from dedicated Relationship Managers. 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 important role that Meethaq plays in the Sultanate has been well recognised by a number of awards and accolades over the years including multiple awards from the prestigious Islamic Finance News. Meethaq was also chosen as Oman’s Most Trusted Islamic Brand by Apex Media, which confirms the trust and confidence of its customers.