18 December 2011
MUSCAT -- BankMuscat announced here yesterday the decision of its Board of Directors to set up an independent Islamic banking window at the bank and launch Islamic banking operations in accordance with the injunctions of Shariah, subject to approval from the Central Bank of Oman.
In the run-up to comply with the CBO requirements, the bank unveiled the logo of its Islamic banking window under the brand name 'Meethaq' at the Oman Islamic Economic Forum.
The bank's Islamic banking operations will be segregated from its conventional counterpart in all aspects. Further, in line with CBO requirements, the bank announced the formation of a 3-member Shariah board to ensure the Meethaq operations are in compliance with Shariah. The BankMuscat Shariah board members are Shaikh Dr Ali Qaradaghi, Chairman, Shaikh Essam Muhammad Ishaq and Shaikh Majid al Kindi.
Shaikh Khalid bin Mustahail al Mashani, Chairman of Board of Directors, said: "BankMuscat is proud to take major strides as part of the proposed launch of Islamic banking window operations. Meethaq, the pioneer of Islamic banking in Oman, will reach out to customers with the promise of being true to their beliefs, offering all the advantages of banking by following the principles of Shariah law. The Meethaq suite of banking products which combine traditional values with modernity are in the pipeline to give the choice of staying true to one's values. Inspired by faith and a tradition of trust, Meethaq will help customers stay true to their values."
The Chairman added: "BankMuscat is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. BankMuscat is proud to have been associated with all major national initiatives and developments in line with the directives of His Majesty Sultan Qaboos. The bank has in place a comprehensive strategy to effectively respond to the directive of His Majesty Sultan Qaboos on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework prescribed by the Central Bank of Oman (CBO). The bank is proud to have on board some of the brightest minds on Islamic finance to chart the way forward."
AbdulRazaq Ali Issa, Chief Executive, said: "The BankMuscat strategy is to attract customers through innovative products and services. As always, BankMuscat takes the lead in offering value added services. The bank strives to increase the range of benefits for customers and we are confident that the proposed Islamic banking window operations will benefit various segments. The bank has always strived to fulfil the needs of customers with innovative solutions and now, the launch of Meethaq is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. The operations will be managed by an experienced team, separate from conventional banking."
Sulaiman al Harthy, Group DGM -- Consumer Banking, made a presentation and introduced the logo of Meethaq, highlighting its brand values at the conference. He also introduced the bank's Shariah Board members to the audience.
Shaikh Dr Ali received PhD in the area of contracts and financial transactions from Al Azhar University in Cairo, Egypt in 1985. He is currently a Professor of Islamic financial contracts and heads the department of Islamic jurisprudence in the College of Shariah and Islamic Studies at the University of Qatar.
Presently, he serves on the Shariah boards of many Islamic financial institutions in and outside Qatar, including Emirates Islamic Bank and Dubai Islamic Bank in the UAE, Investment House and Investors Bank in Bahrain and First Investment in Kuwait. He is founding member of many charitable organisations and international Islamic jurisprudence bodies.
He is the author of many research articles on contemporary issues in Islamic finance and banking. He has already published eight books and six books are in various stages of publication on topics including Islamic jurisprudence and Islamic thought.
Shaikh Essam graduated from McGill University, Montreal, Canada in 1982. He currently sits on the Shariah board of FTSE Global Islamic Index Series.
He is a member of Accounting and Auditing Standards Board of the (AAOIFI); Shariah Supervisory Board of Meezan Islamic Bank, Al-Baraka Islamic Bank, ArCapita and Bahrain Development Bank. He conducts Fiqh, Aqidah and Tafsir courses in English and Arabic, in various centres in Bahrain. He is founding member of many charitable organisations.
Shaikh Majid obtained Masters degree from the University of Al Bayt, Jordan and studied in the Institute of Islamic Sciences in Oman. He is the author of Financial Transactions and Contemporary Application and Securities Markets within the Shariah Guidelines. He served as researcher at Ifta office and is preparing for PhD in Islamic finance.
The Oman Islamic Economic Forum (OIEF) supported by BankMuscat affirmed that the Royal directive of His Majesty Sultan Qaboos bin Said on Islamic banking marked a milestone in the modern history of banking and finance in the Sultanate of Oman.
The forum highlighted the importance of Islam in the socio-economic development of Oman and the wider Muslim world and the new era of Islamic financial intelligence in the growing field of alternative banking and finance.
The forum discussed macro-economic perspective to the practice of Islamic banking and finance, with an explicit emphasis on social responsibility, economic justice and developmental concern such as income inequalities and financial exclusion.
Utilising juristic opinion which has evolved over time, Islamic finance is a system which integrates the high, ethical principles of Shariah with the flexibility of innovation and robustness.
Islamic finance offers a unique blend of debt and equity products to cater for the needs of individuals and institutions.
The debt products assist banks in tackling liquidity management issues while equity products facilitate home ownership and investment opportunities for Shariah sensitive consumer, the forum noted.
MUSCAT -- BankMuscat announced here yesterday the decision of its Board of Directors to set up an independent Islamic banking window at the bank and launch Islamic banking operations in accordance with the injunctions of Shariah, subject to approval from the Central Bank of Oman.
In the run-up to comply with the CBO requirements, the bank unveiled the logo of its Islamic banking window under the brand name 'Meethaq' at the Oman Islamic Economic Forum.
The bank's Islamic banking operations will be segregated from its conventional counterpart in all aspects. Further, in line with CBO requirements, the bank announced the formation of a 3-member Shariah board to ensure the Meethaq operations are in compliance with Shariah. The BankMuscat Shariah board members are Shaikh Dr Ali Qaradaghi, Chairman, Shaikh Essam Muhammad Ishaq and Shaikh Majid al Kindi.
Shaikh Khalid bin Mustahail al Mashani, Chairman of Board of Directors, said: "BankMuscat is proud to take major strides as part of the proposed launch of Islamic banking window operations. Meethaq, the pioneer of Islamic banking in Oman, will reach out to customers with the promise of being true to their beliefs, offering all the advantages of banking by following the principles of Shariah law. The Meethaq suite of banking products which combine traditional values with modernity are in the pipeline to give the choice of staying true to one's values. Inspired by faith and a tradition of trust, Meethaq will help customers stay true to their values."
The Chairman added: "BankMuscat is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. BankMuscat is proud to have been associated with all major national initiatives and developments in line with the directives of His Majesty Sultan Qaboos. The bank has in place a comprehensive strategy to effectively respond to the directive of His Majesty Sultan Qaboos on Islamic banking and thereby cater to the financial needs of people in accordance with the guidelines and regulatory framework prescribed by the Central Bank of Oman (CBO). The bank is proud to have on board some of the brightest minds on Islamic finance to chart the way forward."
AbdulRazaq Ali Issa, Chief Executive, said: "The BankMuscat strategy is to attract customers through innovative products and services. As always, BankMuscat takes the lead in offering value added services. The bank strives to increase the range of benefits for customers and we are confident that the proposed Islamic banking window operations will benefit various segments. The bank has always strived to fulfil the needs of customers with innovative solutions and now, the launch of Meethaq is yet another proof of its commitment and dedication to meet customer expectations for Islamic banking. The operations will be managed by an experienced team, separate from conventional banking."
Sulaiman al Harthy, Group DGM -- Consumer Banking, made a presentation and introduced the logo of Meethaq, highlighting its brand values at the conference. He also introduced the bank's Shariah Board members to the audience.
Shaikh Dr Ali received PhD in the area of contracts and financial transactions from Al Azhar University in Cairo, Egypt in 1985. He is currently a Professor of Islamic financial contracts and heads the department of Islamic jurisprudence in the College of Shariah and Islamic Studies at the University of Qatar.
Presently, he serves on the Shariah boards of many Islamic financial institutions in and outside Qatar, including Emirates Islamic Bank and Dubai Islamic Bank in the UAE, Investment House and Investors Bank in Bahrain and First Investment in Kuwait. He is founding member of many charitable organisations and international Islamic jurisprudence bodies.
He is the author of many research articles on contemporary issues in Islamic finance and banking. He has already published eight books and six books are in various stages of publication on topics including Islamic jurisprudence and Islamic thought.
Shaikh Essam graduated from McGill University, Montreal, Canada in 1982. He currently sits on the Shariah board of FTSE Global Islamic Index Series.
He is a member of Accounting and Auditing Standards Board of the (AAOIFI); Shariah Supervisory Board of Meezan Islamic Bank, Al-Baraka Islamic Bank, ArCapita and Bahrain Development Bank. He conducts Fiqh, Aqidah and Tafsir courses in English and Arabic, in various centres in Bahrain. He is founding member of many charitable organisations.
Shaikh Majid obtained Masters degree from the University of Al Bayt, Jordan and studied in the Institute of Islamic Sciences in Oman. He is the author of Financial Transactions and Contemporary Application and Securities Markets within the Shariah Guidelines. He served as researcher at Ifta office and is preparing for PhD in Islamic finance.
The Oman Islamic Economic Forum (OIEF) supported by BankMuscat affirmed that the Royal directive of His Majesty Sultan Qaboos bin Said on Islamic banking marked a milestone in the modern history of banking and finance in the Sultanate of Oman.
The forum highlighted the importance of Islam in the socio-economic development of Oman and the wider Muslim world and the new era of Islamic financial intelligence in the growing field of alternative banking and finance.
The forum discussed macro-economic perspective to the practice of Islamic banking and finance, with an explicit emphasis on social responsibility, economic justice and developmental concern such as income inequalities and financial exclusion.
Utilising juristic opinion which has evolved over time, Islamic finance is a system which integrates the high, ethical principles of Shariah with the flexibility of innovation and robustness.
Islamic finance offers a unique blend of debt and equity products to cater for the needs of individuals and institutions.
The debt products assist banks in tackling liquidity management issues while equity products facilitate home ownership and investment opportunities for Shariah sensitive consumer, the forum noted.
© Oman Daily Observer 2011
