MUSCAT: As part of its ongoing commitment to advancing the Islamic banking landscape and contributing to the growth of various economic sectors through a comprehensive suite of Shari’a-compliant financial services and banking solutions, Meethaq Islamic Banking from Bank Muscat participated in the Islamic Finance News (IFN) Oman Forum. The event, organized by IFN in collaboration with the Financial Services Authority, was held at the Grand Hyatt Hotel in Muscat.

The forum aimed to explore recent developments and the future direction of the Islamic finance industry. It was inaugurated under the patronage of H.E. Ahmed Jaafar​​ Al Musalmi, Governor of the Central Bank of Oman, and attended by a distinguished gathering of policymakers, academics, and professionals from the Islamic banking and finance sectors. Several key themes were addressed during the forum, including the role of Islamic finance in enabling economic transformation, the evolution of Islamic banking, Islamic capital markets, asset management, and the promising prospects of the Waqf (endowment) system in the Sultanate.

The forum featured insightful panel discussions and interactive sessions, providing as an effective platform for stakeholders and experts to exchange insights, share expertise, and propose ideas to further strengthen the local Islamic finance ecosystem. Meethaq Islamic Banking addressed two fundamental themes during the discussion sessions. Ali Ahmed Al Lawati, Assistant General Manager –
Meethaq Corporate Banking, shared insights on the topic “Islamic Financial Services – Driving Oman’s Economic Transformation”, highlighting Meethaq’s perspective on supporting the national economy and advancing Islamic banking through innovative, comprehensive, and Shari’a-compliant financial solutions in financing, investment, and capital market activities. He also outlined key strategic initiatives shaping the future of the sector, including digital transformation and sustainable finance, underscoring the importance of collaboration between financial institutions and regulatory bodies in building a robust Islamic financial ecosystem aligned with Oman Vision 2040.

In a dedicated session entitled “A Focus on Endowment: The Potential for Waqf in Oman,” Sami Bait Rashid, Assistant General Manager – Meethaq Personal Banking, presented insights into the development and integration of the Waqf system across various economic sectors such as Islamic
banking, asset management, and capital markets, emphasizing the potential of endowment to drive financial inclusion and sustainable development in the country. Additionally, Meethaq set up a booth at the forum to introduce visitors and customers to its wide range of banking products and services. The booth helped visitors learn more about these offerings and better understand their benefits, ensuring a friendly and comprehensive banking experience.

Speaking at the forum, Ali Ahmed Al Lawati, Assistant General Manager – Meethaq Corporate Banking, said: “We take profound satisfaction in our successful partnership with various institutions from the public and private sectors. Our pivotal role in enhancing Oman’s Islamic Banking landscape contributes significantly to shared objectives aimed at strengthening the Sultanate’s economy. Meethaq places great importance on key industry events and forums, which serve as platforms to showcase our contributions to Islamic Banking and bring forward the latest sector developments.” Beyond its contributions to national conferences and forums, Meethaq offers a broad portfolio of Shari’a-compliant financial solutions tailored to meet the diverse needs of its customers. These offerings adhere to the regulations and directives issued by the Central Bank of Oman and are subject to rigorous Shari’a supervision and oversight by Meethaq’s Sharia Supervisory Board, ensuring full compliance with Islamic principles.

Meethaq provides individual customers with a comprehensive range of deposit products, including savings accounts, current accounts, children savings accounts, and the Meethaq Savings Plan, as well as financing solutions covering personal finance, auto finance, housing finance, and financing for travel, education, marriage, and personal purchases. For institutional customers and small and medium-sized enterprises (SMEs), Meethaq delivers tailored financial solutions such as current accounts, project finance, short- and long-term facilities, Ijarah-based commercial financing and large-scale project funding.

To further enhance customer experience, Meethaq has upgraded its core banking systems and expanded its digital banking services across multiple platforms, ensuring a seamless and secure journey for both individual and corporate customers. Today, Meethaq operates the largest branch network in the Islamic banking sector in Oman, with 32 dedicated branches across the Sultanate. It also maintains over 50 self-service machines for cash deposit and withdrawals. In addition, Meethaq customers benefit from access to over 900 ATMs and CDMs across Bank Muscat’s network, ensuring seamless access to its banking services.