MUSCAT: Meethaq, the Islamic banking services provider from Bank Muscat, has launched a new initiative – Shua’a.

The announcement was made during a press meet held at the Bank Muscat headquarters on Tuesday.

Sulaiman al Harthy, group general manager, Islamic Banking, said, “The launch of Shua’a, the new Meethaq initiative to promote the concept of Islamic economics, marks a milestone in activities of the flagship financial institution in Oman.

The contributions of Meethaq Islamic Bank are not limited to products and services, but there are many benefits accruing to society and economy as well, contributing to the progress and development of the sultanate. The objective of Shua’a is envisaged to be achieved through a series of seminars, workshops and events to highlight the role of Islamic banking complementing the sultanate’s economic development.”

The programmes to be held under the banner of Shua’a will see the involvement of national cadres, especially scholars, researchers and entrepreneurs, to identify areas in which Islamic economics can benefit the country. All Shua’a programmes will have the participation of Sharia’a Supervisory Board members, who are making vital contributions to the success of Meethaq.

Harthy added, “Meethaq Islamic Bank is contributing significantly to the growth and development of the Omani banking sector and we are witnessing an upswing in Islamic finance and investment compatible with the provisions of Sharia’a laws. We see a growing interest among retail and corporate clients to take advantage of the new opportunities offered by Islamic banking and finance.”

The notable finance facilities offered by Meethaq include the refinancing facility of RO78mn signed with Oman Shipping Company for its three very large crude carriers (VLCCs).