Meethaq celebrates 10 years of success and leadership in Oman’s Islamic banking sector

Trendy banking services and products

Talking on the event, Sami Arfah Bait Rashid, Assistant Common Supervisor – Meethaq Private Banking, defined in regards to the merchandise, companies and banking amenities that Meethaq presents to its retail clients. He defined how Meethaq has been delivering world class revolutionary Islamic banking services and products within the Sultanate pushed by its sturdy customer-centric imaginative and prescient. Meethaq merchandise embody financial savings accounts, present accounts, debit and bank cards, Hafawa Premier Banking, takaful choices together with motor, life and important sickness protection plans in addition to financing options for properties, vehicles, training, journey, family items, and private finance.

In step with its glorious customer-centric imaginative and prescient and full dedication to supply a world-class Islamic banking expertise, Meethaq has established the most important Islamic department community in Oman consisting of 12 branches in Muscat and 12 branches throughout different governorates. Along with its already glorious community of branches, Meethaq has a devoted community of over 40 ATMs/CDMs whereas additionally offering free entry to about 800 ATMs and CDMs of Financial institution Muscat throughout the nation for purchasers to conduct their banking transactions with ease. Clients can even profit from the world-class Cell and Web banking amenities in addition to entry to a state-of-the-art name centre, which is definitely reachable at 24656666.

Sami Bait Rashid defined that Meethaq is dedicated to steady investments within the newest applied sciences to extend the effectivity of companies, merchandise and improved buyer companies, with a deal with a multi-channel method to boost efficiencies and to launch new services and products which meet each the present and future wants of its clients. This has resulted in Meethaq having fun with the super confidence of its in depth base of various buyer segments together with the youth. He thanked Meethaq’s clients for his or her sturdy belief in Meethaq Islamic Banking over the past 10 years, and for his or her continued confidence in its new services and products.

Supporting establishments and corporates

Talking about Meethaq’s contributions to the Company Banking area Ali Ahmed Al Lawati, Assistant Common Supervisor – Meethaq Company Banking, defined how Meethaq is enjoying an important function in supporting the financial sector normally, and the economic sector specifically, as it’s the popular selection for firms whether or not within the funding aspect or benefiting from the banking amenities. He added that Meethaq’s massive suite of cutting-edge Islamic banking choices embody mission financing, working capital amenities, commerce financing, entry to the most important Islamic banking department community within the Sultanate, and digital banking amenities. 

 Meethaq strongly believes within the super funding prospects and alternatives for progress that the Sultanate of Oman offers and therefore, it continuously develops new options, services and products to assist Oman’s financial improvement. At present as a part of its alignment to Oman Imaginative and prescient 2040 and the ten^th 5-year plan, Meethaq is offering banking and monetary companies and amenities to various and very important sectors of the Sultanate together with manufacturing, agriculture, fisheries, mining, logistics, training, and scientific analysis.

All through the previous, Meethaq has been constantly engaged on bettering its companies and supporting the company sector in enhancing its competitiveness by offering a wide range of banking amenities. Meethaq’s companies embody capital finance, time period and mission finance, contract finance, commerce companies, foreign money change companies and tailor-made financing options for corporates primarily based on their enterprise wants. Different important options supplied by Meethaq embody financial institution ensures to 3rd events in addition to Letters of Credit score. These options facilitate the import and export of products and the completion of assorted contracts for giant entities. 

Meethaq’s companies additionally cowl accounts like present accounts, deposits and name accounts and company buy playing cards. Furthermore, it presents particular companies associated to transfers, assortment of cheques, digital companies, fee and foreign money companies. All of those are designed in accordance with Islamic Sharia-compliant contracts equivalent to Murabaha, Musharaka, Ijarah and Wakala amongst others. The services and products can be found by way of the prolonged community of 24 Meethaq branches throughout the Sultanate. Meethaq Islamic Banking additionally presents a wide range of banking options together with the Ijarah financing answer and Diminishing Musharaka. Different important options supplied by Meethaq embody financial institution ensures to 3rd events in addition to Letters of Credit score, liquidity administration options and Overseas Change companies.

Ali Al Lawati additionally harassed on the significance of SMEs and sustainable improvement for Oman. Meethaq’s Shariah-compliant SME options are nicely designed by preserving in thoughts the important function that SMEs play in supporting the Sultanate’s financial system and Oman’s 2040 imaginative and prescient. From this perspective, Meethaq’s SME options, services and products are extremely revolutionary serving to its clients to develop their companies. Lately, Meethaq launched devoted desks for SMEs and Corporates at its branches in Ruwi, Al Khuwayr, Al Khoudh and the Head Workplace. Earlier than concluding his presentation, he thanked company clients for his or her sturdy belief and confidence and defined how Meethaq continued to make use of their suggestions and strategies in addition to world monetary developments to develop new cutting-edge merchandise that meet buyer aspirations.

Unique advantages and presents

Meethaq is eager to offer added worth to its completely different buyer segments by way of numerous unique advantages and privileges. On this regard, Meethaq’s Hafawa Visa Signature Credit score Card, which is predicated on the Shariah-compliant idea of Ujrah, presents as much as 52-days profit-free credit score interval and is accepted worldwide at greater than 30 million places. Cardholders are additionally supplied protection in opposition to unintended injury or loss and this protection extends to items bought on-line. As well as, Hafawa Visa Signature Credit score cardholders have entry to value-added advantages at over 900 luxurious lodges world wide together with computerized room upgrades (topic to availability), free in-room Web and valet parking, complimentary continental breakfast, late checkouts, VIP Visitor standing and vouchers totally free meals and drinks. 

Meethaq’s numerous bank cards are compliant with the rules and provisions of Islamic Sharia’a, whereby the cardholder pays a hard and fast price for the varied companies and advantages supplied by the cardboard and doesn’t pay any curiosity. Cardholders get pleasure from as much as 52 days of credit score, 24×7 money withdrawal facility from ATMs worldwide and entry to safe on-line buying. Different advantages embody journey takaful for tickets bought with the cardboard, glorious reductions and presents at a variety of service provider companions throughout the globe, contactless POS transactions and huge acceptance at greater than 30 million factors of sale. Clients additionally profit from Meethaq’s Simple Cost Plan (EPP), whereby they’ll pay for his or her high-ticket purchases at chosen service provider companions over a interval of 12 months with out having to pay any further charges for the prolonged credit score facility.

Social Accountability

Meethaq has additionally been enjoying an lively function within the subject of social accountability through the years. In 2022, Meethaq prolonged its sturdy assist to Siraj Schooling Endowment Basis by offering the mandatory amenities for gathering contributions, donations and assist from the general public by way of its numerous channels together with its massive community of branches, ATMs, CDMs and FFMs in addition to Web and Cell Banking platforms. Earlier, in partnership with the Ministry of Awqaf and Spiritual Affairs, Meethaq additionally launched an consciousness marketing campaign to encourage the general public to take part within the improvement of society by way of their particular person contributions. Meethaq continues to make use of all of the media channels out there at its disposal, together with print, radio, tv and social media, to advertise to the general public the function of endowments in societal improvement and concord. Meethaq’s initiative may be very a lot in step with its dedication to boost Public-Personal Partnership in numerous fields and sectors in Oman.

Recognition and accolades

Each Meethaq product goes by way of the method of Shari’a compliance certification by its Shari’a Supervisory Board and is created in step with the rules of the Central Financial institution of Oman. Meethaq’s adoption of AAOIFI requirements (Accounting & Auditing Organisation for Islamic Monetary Establishments) additional distinguishes Meethaq Islamic banking practices when it comes to standardisation of its services and products complementing its world-class Islamic banking expertise.

Meethaq groundbreaking function continues to be nicely recognised with it garnering a variety of worldwide and native awards and accolades. Meethaq just lately gained the GIFA Market Management Award (Islamic Banking Window Operations) on the International Islamic Finance Awards and the Greatest Islamic Digital Financial institution in Oman from International Finance. Earlier, Meethaq was additionally recognised as Oman’s Most Trusted Islamic Banking model by Apex Media.