Bank Muscat Allocates RO150m for Islamic Banking Services

Bank Muscat has assigned RO150mn capital for its proposed Meethaq Islamic banking window. The final allocation will be determined by business opportunities in the market and the board has indicated that the assigned amount may increase if required. The capital allocation is subject to necessary regulatory approvals.

Sheikh Khalid al Mashani, chairman of Bank Muscat, said, “Bank Muscat is ready to launch its Islamic banking platform and has made headway by announcing a three-member Sharia board and developing its Meethaq brand. This decision to assign RO150mn capital for Meethaq reflects the determination of the bank to be the market leader of Islamic banking in Oman,” Muscat Daily reported.