Muscat: Bank Muscat’s Meethaq Islamic Banking is Oman’s most popular and largest Islamic banking provider and since its launch in 2012 has helped change the landscape of Oman’s banking industry. Through multiple steps and initiatives, Meethaq today offers a full range of Shariah-compliant retail, corporate and wholesale banking products and services to its wide range of customers, from individuals , companies or government institutions and the private sector. Meethaq actively supports Oman’s economic development with its ever-growing range of Islamic finance products and services, which provides banking solutions for sectors ranging from real estate and housing to manufacturing, energy, retail and food production.
Meethaq’s many successes and achievements as a partner in Oman’s growth and development were highlighted during Meethaq’s media visit to Bank Muscat’s headquarters to celebrate its 10th anniversary. Journalists and media professionals from over 30 different outlets attended the event, which was held in the presence of Shamzani Mohammed Hussain, Managing Director – Meethaq Islamic Banking. During the media tour, journalists were introduced to the world-class Islamic banking products, services and facilities offered by Meethaq to its wide range of customers.
Modern banking products and services
Speaking on this occasion, Sami Arfah Bait Rashid, Deputy Managing Director – Meethaq Personal Banking, explained the banking products, services and facilities that Meethaq offers to its retail customers. He explained how Meethaq has delivered innovative, world-class Islamic banking products and services in the Sultanate, driven by its strong customer-centric vision. Meethaq products include savings accounts, current accounts, debit and credit cards, Hafawa Premier Banking, takaful options including auto, life and critical illness cover plans as well as home finance solutions, cars, education, travel, household goods and personal finance.
In line with its excellent customer-centric vision and full commitment to delivering a world-class Islamic banking experience, Meethaq has established the largest Islamic branch network in Oman, consisting of 12 branches in Muscat and 12 branches in other other governorates. In addition to its already excellent branch network, Meethaq has a dedicated network of over 40 ATMs/CDMs while providing free access to approximately 800 Bank Muscat ATMs and CDMs across the country for customers to carry out their banking transactions with ease. Customers can also benefit from world-class mobile and internet banking services as well as access to a state-of-the-art call center easily accessible on 24656666.
Sami Bait Rashid explained that Meethaq is committed to continuously investing in the latest technologies to increase the efficiency of services, products and improved customer services, emphasizing a multi-channel approach to improve efficiency and launch new products and services that meet both the current and future needs of its customers. This has allowed Meethaq to benefit from the huge trust of its vast base of different customer segments, including young people. He thanked Meethaq customers for their strong trust in Meethaq Islamic Banking over the past 10 years, and for their continued confidence in its new products and services.
Support for institutions and companies
Speaking on Meethaq’s contributions to the Corporate Banking space, Ali Ahmed Al Lawati, Deputy Managing Director – Meethaq Corporate Banking, explained how Meethaq plays a vital role in supporting the economic sector in general, and the industrial sector in general. particular, because it is the privileged partner of choice for companies whether in the field of investment or benefiting from banking facilities. He added that Meethaq’s wide range of state-of-the-art Islamic banking offerings include project finance, working capital facilities, trade finance, access to the largest Islamic banking branch network in the Sultanate and services. digital banking.
Meethaq strongly believes in the tremendous investment prospects and growth opportunities that the Sultanate of Oman offers and therefore constantly develops new solutions, products and services to support the economic development of Oman. Today, as part of its alignment with Oman Vision 2040 and the 10th Five-Year Plan, Meethaq provides banking and financial services and facilities to various vital sectors in the Sultanate including manufacturing, agriculture, fisheries, mining, logistics, education and science. to research.
In the past, Meethaq has continuously strived to improve its services and support the corporate sector in improving its competitiveness by offering a variety of banking facilities. Meethaq’s services include capital financing, term and project financing, contract financing, trade services, foreign exchange services and tailor-made financing solutions for businesses based on their business needs. Other essential solutions offered by Meethaq include third-party bank guarantees and letters of credit. These solutions facilitate the import and export of goods and the fulfillment of various contracts for large entities.
Meethaq’s services also cover accounts such as checking accounts, deposit and calling accounts, and corporate purchasing cards. In addition, it offers special services related to transfers, check cashing, digital services, payment and foreign exchange services. All of these are designed in accordance with Sharia-compliant Islamic contracts such as Murabaha, Musharaka, Ijarah, and Wakala, among others. Products and services are available through Meethaq’s extensive network of 24 branches across the Sultanate. Meethaq Islamic Banking also offers a variety of banking solutions including Ijarah Funding Solution and Diminishing Musharaka. Other core solutions offered by Meethaq include third-party bank guarantees as well as letters of credit, cash management solutions and foreign exchange services.
Ali Al Lawati also highlighted the importance of SMEs and sustainable development for Oman. Meethaq’s Shariah-compliant SME solutions are well-designed keeping in mind the critical role SMEs play in supporting the Sultanate’s economy and Oman’s 2040 vision. From this point of view, Meethaq’s SME solutions, products and services are very innovative and help its customers to develop their businesses. Recently, Meethaq launched dedicated offices for SMEs and corporates in its branches in Ruwi, Al Khuwayr, Al Khoudh and at the head office. Before concluding his presentation, he thanked corporate customers for their trust and explained how Meethaq continues to use their feedback and suggestions as well as global financial trends to develop new cutting-edge products that meet customer aspirations.
Benefits and exclusive offers
Meethaq is keen to add value to its various customer segments through various exclusive benefits and privileges. In this regard, Meethaq’s Hafawa Visa Signature Credit Card, based on the concept of Sharia-compliant Ujrah, offers a profit-free credit period of up to 52 days and is accepted worldwide in more than 30 million locations. Cardholders also benefit from cover against accidental damage or loss and this cover extends to goods purchased online. Additionally, Hafawa Visa Signature credit cardholders have access to value-added benefits at over 900 luxury hotels worldwide, including automatic room upgrades (subject to availability), free internet access in room and valet parking, free continental breakfast, late check-outs, VIP service, guest status and free food and drink vouchers.
The different credit cards of Meethaq comply with the principles and provisions of Islamic Sharia, according to which the cardholder pays a fixed fee for the different services and benefits offered by the card and does not pay any interest. Cardholders get up to 52 days of credit, 24/7 cash pickup service at ATMs worldwide, and access to online shopping. secure line. Other benefits include travel takaful for tickets purchased with the card, excellent discounts and offers at a number of merchant partners around the world, contactless POS transactions and wide acceptance in over 30 million points of sale. Customers also benefit from Meethaq’s Easy Payment Plan (EPP), where they can pay for expensive purchases at selected merchant partners over a 12-month period without incurring additional fees for the extended credit facility.
Meethaq has also been active in the area of social responsibility over the years. In 2022, Meethaq extended its strong support to Siraj Education Endowment Foundation by providing the necessary facilities to collect contributions, donations and assistance from the public through its various channels, including its extensive network of branches, ATMs tickets, CDM and FFM as well as Internet and Mobile. Banking platforms. Previously, in partnership with the Ministry of Awqaf and Religious Affairs, Meethaq also launched an awareness campaign to encourage the public to participate in the development of society through their individual contributions. Meethaq continues to use all available media channels at its disposal, including print, radio, television and social media, to promote to the public the role of endowments in the development and harmony of society. Meethaq’s initiative is very much in line with its commitment to strengthening public-private partnership in various fields and sectors in Oman.
Recognition and honors
Every Meethaq product goes through the process of Shariah compliance certification by its Shariah Supervisory Board and is created under the guidelines of the Central Bank of Oman. Meethaq’s adoption of AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions) standards further distinguishes Meethaq’s Islamic banking practices in terms of standardizing its products and services, complementing its world-class Islamic banking experience.
Meethaq’s groundbreaking role continues to be well recognized and has won numerous international and local awards and accolades. Meethaq recently won the GIFA Market Leadership Award (Islamic Banking Window Operations) at the Global Islamic Finance Awards and Best Islamic Digital Bank in Oman from Global Finance. Previously, Meethaq was also recognized as Oman’s Most Trusted Islamic Banking Brand by Apex Media.