Oman’s Bank Muscat Hosts Islamic Banking Seminar Today

Omani lender Bank Muscat is hosting a seminar on Islamic banking in Salalah today at the Ministry of Culture auditorium.
Shaikh Essam Muhammad Ishaq, member of Bank Muscat Sharia board, will address the seminar aimed at raising awareness and familiarizing people with the main characteristics of Islamic finance.

Sulaiman al Harthy, Group GM – Islamic Banking, said: “Bank Muscat is the pioneer of Islamic banking in Oman. The Bank’s strategy is to attract customers through innovative products and services. As always, Bank Muscat takes the lead in offering value added services and strives to increase the range of benefits for customers. We are confident that the seminar will spotlight on important aspects of Islamic banking from the Shariah perspective.”

Bank Muscat recently announced the decision of its Board of Directors to assign RO 150 million capital for the proposed Meethaq Islamic banking window operations. 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.

In the run-up to meeting the CBO requirements, the Bank has also unveiled the logo of its Islamic banking window under the brand name ‘Meethaq’ and announced the formation of a 3-member Shariah board to ensure the ‘Meethaq’ operations are in compliance with Sharia, Oman Observer reported.

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