Sunday 22 / June / 2025
The Shari’a Supervisory Board (SSB) of Meethaq Islamic Banking from Bank Muscat held its second meeting for 2025 at the Bank’s Head Office. The meeting was chaired by Sheikh Dr. Abdullah bin Mubarak Al Abri, Chairman of the Board, and attended by other Board members, as well as senior representatives from the Sharia’a supervisory and audit departments.
During the meeting, the Board Approving the Sharia Audit Report for Q2, the semi-annual Charity Report, Sharia Risk Control Report, and the activities of the Sharia’a Control Department. The SSB discussed several key themes, including structured financing transactions and new products that Meethaq intends to launch during the coming period. It also endorsed the Shariah certificate for separation of Meethaq funds.
The regular meetings of the Sharia’a Supervisory Board play a vital role in deliberating on topics pertaining to Islamic transactions, business contracts and practices. These discussions enable the Board to formulate the necessary recommendations and resolutions to ensure compliance with Sharia’a principles.
The Board is composed of scholars and experts in Islamic jurisprudence and contemporary economics. They are responsible for reviewing and approving all products, services, activities, investments, and transactions before they are implemented, as well as auditing them post-execution with the assistance of the Internal Shari’a Audit Department to ensure compliance with Shari’a principles as outlined in the Board’s rulings and fatwas.
Since its inception in 2012, Meethaq Islamic Banking from Bank Muscat has played a pivotal role in transforming the Islamic banking landscape in the Sultanate. Meethaq has contributed to the sector’s growth by offering top-quality banking services, products, and facilities that align with Islamic Shari’a principles and cater to the diverse needs of individuals, institutions, and SMEs. All services are provided under the supervision of the Shari’a Supervisory Board and in line with the regulatory framework issued by the Central Bank of Oman for Islamic banks.
Through its journey spanning over 12 years, Meethaq has continued to strengthen its leadership in Oman’s Islamic banking sector. It has expanded its network to 32 branches and 20 Hafawa centers dedicated to premium banking services across various governorates in the Sultanate. Meethaq also operates over 50 cash deposit and withdrawal machines, with customers benefiting from access to Bank Muscat’s extensive ATM network of approximately 900 machines across the country.
Affirming its leadership in the field, Meethaq has earned numerous regional and international awards over the past years, recognizing the quality of its banking services and financial solutions. These accolades include the "Best Investment Bank in Oman Award" from Islamic Finance News (IFN), "Best Digital Bank" and "Market Leadership" Awards from Global Finance, and "Best Islamic Window in Oman Award" as part of the Thimar Excellence Awards from The Arabian Stories. These recognitions underscore Meethaq’s status as a leading institution in Islamic banking and its ongoing commitment to delivering Shari’a-compliant banking solutions that meet the evolving needs of customers.
