Meethaq, the Islamic banking arm of Bank Muscat, is to open a new branch in Buraimi, Oman, on 06 January 2014, as part of its plan to expand the branch network across all regions in the country.
The new branch is being established in line with the Meethaq brand values. More such branches are expected to be opened in all major cities and towns across Oman.
Meethaq offers a range of Islamic banking products and services such as savings account, current account, home finance, auto finance, credit card and mobile banking, which are certified Shari’a-compliant by Shari’a Supervisory Board and meets the guidelines set by the Central Bank of Oman.
The lender also adopts Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards and provides separate capital allocation from shareholders’ money, unique risk management tools, complete fund segregation and separate books of account.
Additionally, Meethaq provides a core banking system that supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors.