Meethaq Islamic Banking Wins 2024 GIF Market Leadership Award for Industry Excellence

Meethaq Islamic Banking, the Islamic banking division of Bank Muscat, continues to solidify its position as a leader in Sharia-compliant financial services in Oman and the broader GCC region. In 2024, Meethaq was honored with the prestigious Global Islamic Finance Award (GIFA) for Market Leadership, a testament to its unwavering commitment to excellence in Islamic finance. With a strong focus on ethical banking, financial innovation, and customer-centric solutions, Meethaq has played a key role in advancing the Islamic banking landscape in the Sultanate of Oman.

Commitment to Sharia Compliance

Since its inception, Meethaq Islamic Banking has prioritized adherence to Sharia principles, ensuring that all financial products and services are aligned with Islamic teachings. The bank’s offerings are rigorously reviewed and certified by its Sharia Supervisory Board, which also ensures compliance with regulations set by the Central Bank of Oman. This commitment guarantees that every service, from personal loans to investment products, upholds the ethical and moral principles that define Islamic finance.

In 2024, Meethaq launched the Meethaq Equity Fund in collaboration with Bank Muscat’s Asset Management Unit. This Sharia-compliant equity fund aims for long-term capital appreciation by investing in a diversified portfolio of Sharia-compliant stocks listed in the GCC region. This initiative highlights Meethaq’s ability to provide tailored investment options that cater to the financial aspirations of its customers.

Comprehensive Range of Services

Meethaq Islamic Banking offers a wide range of Sharia-compliant services designed to meet the diverse needs of individual and corporate clients. These services include retail banking, wealth management, corporate banking, and investment solutions. Below is a breakdown of Meethaq’s key services:

1. Retail Banking

• Savings and Current Accounts: Meethaq’s savings and current accounts provide flexible, Sharia-compliant solutions for everyday banking needs.

• Children’s Savings Accounts: Designed to help parents instill a savings habit in their children from a young age.

• Financing Solutions: Personal financing, car financing, home financing, travel finance, education finance, marriage finance, and personal goods financing are offered under strict Sharia guidelines.

• Digital Banking: Customers can access services through a user-friendly mobile app and an extensive network of ATMs and CDMs.

2. Corporate Banking

• Project Financing: Meethaq supports large-scale development projects in sectors such as infrastructure, construction, and real estate.

• Working Capital Financing: Businesses can obtain short-term and long-term funding for operational needs.

• Current Accounts: Corporate clients can manage their cash flow and payment needs efficiently.

• Customized Financing Solutions: Meethaq works with small and medium enterprises (SMEs) to provide customized solutions for growth and expansion.

3. Investment Solutions

• Sharia-Compliant Equity Funds: Investment products like the Meethaq Equity Fund allow investors to grow their wealth while adhering to Islamic finance principles.

• Wealth Management: Tailored investment solutions that provide growth and preservation of wealth for high-net-worth individuals.

Expanding Reach and Accessibility

Meethaq Islamic Banking continues to enhance customer convenience by expanding its physical and digital presence. The bank operates 29 branches across Oman, complemented by over 50 dedicated ATMs and Cash Deposit Machines (CDMs). Additionally, customers have access to more than 800 ATMs and CDMs through Bank Muscat’s network. This extensive network ensures that customers can access their accounts, make payments, and manage their finances with ease.

Awards and Accolades

Meethaq’s excellence has been recognized both locally and internationally. Some of its notable accolades include:

• Global Islamic Finance Award (GIFA) for Market Leadership 2024: A prestigious honor that highlights Meethaq’s market dominance and commitment to Islamic banking.

• Best Islamic Banking Institution 2024: Awarded by The Arabian Stories during the Islamic Banking Conference “Themar.”

• Leading Islamic Banking Brand in Oman 2024: Conferred by Global Brands Magazine, recognizing Meethaq’s strong brand presence and customer trust.

• Best Domestic Islamic Bank Award 2024: Presented by Euromoney, underscoring Meethaq’s leadership in providing Sharia-compliant banking services.

• Oman’s Most Trusted Brand Award for Islamic Banking: Awarded by Apex Media for three consecutive years, highlighting Meethaq’s commitment to trust and transparency.

These awards are a reflection of Meethaq’s sustained excellence in customer service, product innovation, and operational efficiency.

Leadership and Vision

At the helm of Meethaq Islamic Banking’s success are visionary leaders who play a critical role in shaping its strategy and driving growth. Key leaders include:

1. Ali Ahmed Al Lawati, Assistant General Manager of Meethaq Corporate Banking, who emphasized the role of customer trust in achieving major milestones.

2. Sami Bait Rashid, Assistant General Manager of Meethaq Personal Banking, who highlighted Meethaq’s dedication to developing Sharia-compliant solutions that meet the evolving needs of individual and corporate clients.

These leaders, along with a highly experienced management team, drive the bank’s commitment to ethical banking, customer-centricity, and innovation.

Technological Advancements

To meet the demands of a tech-savvy customer base, Meethaq is investing heavily in digital transformation. The bank’s mobile app enables customers to manage their finances, make payments, and track their accounts from anywhere. Key technological advancements include:

• Digital Wallets: Offering secure payment options through mobile wallets.

• AI-Powered Chatbots: Providing instant support and answering customer queries 24/7.

• Blockchain for Transparency: Enhancing transparency and efficiency in transactions using blockchain technology.

These advancements ensure that Meethaq remains at the forefront of the digital banking revolution in Oman.

Corporate Social Responsibility (CSR)

As a socially responsible organization, Meethaq Islamic Banking actively contributes to community development through CSR initiatives. These initiatives include educational programs, financial literacy workshops, and community support projects. Meethaq’s CSR efforts aim to empower communities, support underprivileged families, and contribute to the overall well-being of Omani society.

Customer-Centric Approach

Meethaq’s customer-centric philosophy drives its approach to product development and service delivery. By understanding the unique needs of its clients, Meethaq tailors its offerings to meet the evolving financial aspirations of individuals, SMEs, and corporations. This approach has earned Meethaq a reputation for personalized service and customer satisfaction.

Meethaq’s vision for the future is centered on strengthening its role as a key player in Oman’s Islamic banking sector. Key goals include:

1. Product Expansion: Introducing more innovative Sharia-compliant investment and savings products.

2. Global Partnerships: Collaborating with international Islamic financial institutions to expand its service offerings.

3. Digital Banking Evolution: Continuing to develop user-friendly apps and AI-based tools to enhance customer experience.

With a focus on growth, sustainability, and technological advancement, Meethaq aims to remain a market leader in the Islamic banking sector in Oman and the wider GCC region.

Meethaq Islamic Banking’s journey of excellence is a testament to its dedication to Sharia-compliant banking, technological advancement, and customer satisfaction. With its diverse range of services, robust leadership, and focus on innovation, Meethaq has established itself as a trusted name in Islamic banking. As it continues to receive accolades like the Global Islamic Finance Award (GIFA) for Market Leadership, Meethaq is set to play an even larger role in shaping the future of Islamic banking in Oman and beyond.