MUSCAT : Meethaq Islamic Banking from Bank Muscat convened its first Shari’a Supervisory Board meeting of 2024 at the Bank’s Head Office. The meeting was attended by esteemed members of the Shari’a Supervisory Board (SSB), including Sheikh Dr. Abdullah bin Mubarak Al Abri, the Board Chairman, alongside Shamzani Mohammed Hussain, General Manager of Meethaq Islamic Banking, and the Shari’a Supervisory and Audit management members.

The session commenced with a comprehensive presentation delivered by Meethaq’s team, covering Meethaq’s performance in the preceding year and outlining its strategic initiatives for 2024. During the meeting, the SSB also discussed and scrutinized into various details and reports pertaining to Meethaq’s transactions. The Shari’a Supervisory Board also deliberated on various topics, including the implementation of a structured mechanism for seeking the SSB’s guidance and resolutions effectively. In addition to this, the SSB reviewed and accredited the financial data of the financial year ended 31^st December 2023, the Shari’a annual certificate of separating Meethaq’s capital, the consolidated annual Shari’a-based audit report, and the amendments made within a number of legal documents and restructured financing transactions. During the meeting, the SSB also discussed effectiveness of the Temenos Islamic Core Banking system (T24) which Meethaq has recently launched. The SSB 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. Additionally, the SSB oversees these aspects through the internal Shariah audit department to ensure their conformity with the legal aspects outlined in the decisions and fatwas issued by the Board.

Since its inception in 2012, Meethaq Islamic Banking has spearheaded advancement in the Islamic Banking landscape revolutionizing 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. These services and products undergo rigorous Shariah-compliance certification by the Sharia Supervisory Board, adhering to guidelines established by the Central Bank of Oman.

Consistently, Meethaq Islamic Banking reaffirms its leadership position, solidified by a series of successive achievements. Notably, its network of branches distributed across the Sultanate has steadily expanded, now totaling 28 branches strategically distributed across the Sultanate. Moreover, Meethaq offers customers access to an extensive network of over 50 ATMs/CDMs, complemented by free access to over 850 ATMs and CDMs of Bank Muscat.

In recognition of its outstanding contributions the Banking sector, Meethaq Islamic Banking has received several awards during the past few years from regional and global highly ranked institutions. Meethaq was awarded The Most Innovative Islamic Window for SMEs Award by “Annual Global Outlook”, the Oman’s Most Trusted Brand Award for Islamic Banking from “Apex Media”, the Leading Islamic Banking Brand Award From The Banker”, the Leading Islamic Banking Brand Awards by “Global Brands”, the Market Leader Award for Islamic Banking by “Euromoney”, multiple prestigious awards from “Islamic Finance News”, The Best Islamic Bank Award in Oman, and a number of awards from “Global Islamic Finance” including the GIFA Market Leadership Award for 2023 and the Best Islamic Digital Bank Award in Oman.