MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched a series of activities coinciding with the Hajj pilgrimage season.

Aimed at providing convenience, Meethaq, through the Ministry of Awqaf and Religious Affairs, distributed prayer mats to Hajj pilgrims. The handy prayer mats are designed for travel purposes.

Meethaq also organised a Hajj familiarisation event for school children at Sultan Qaboos Grand Mosque. The event addressed by Islamic scholars evoked good response from children who were briefed on the tenets of Islam and the significance of undertaking the Hajj pilgrimage.

Meethaq also launched a Sharia’a-based prepaid card for pilgrims performing Hajj or Umrah in the holy mosques in Saudi Arabia. The Meethaq Labbaik card, launched in association with Visa International, can be loaded up to a maximum of RO960. The Sharia’a-based card ensures convenience and security, helping cardholders to either withdraw cash or pay for expenses during Hajj or Umrah. The card is accepted worldwide at Visa merchant outlets, ATMs as well as for online transactions. The card can also be used at ROP counters and government departments in Oman.

Meethaq has taken the lead in offering a suite of banking products and services which combine traditional values with modernity and ensure the choice of staying true to one’s values. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Sharia’a-based products and services which add value to the distinct Islamic banking experience.”

As the pioneer of Islamic banking in Oman, Meethaq stands out for its independent Sharia’a Supervisory Board, separate capital allocation from shareholders’ money, unique risk management tools, complete fund segregation, separate books of account, core banking system which supports Islamic banking operations, stand-alone Islamic banking branches and proper profit distribution mechanism among investment account holders/depositors. The adoption of AAOIFI standards (Accounting & Auditing Organisation for Islamic Financial Institutions) distinguishes Meethaq Islamic banking practices in terms of standardisation of products and services. Every Meethaq product goes through the process of Sharia’a compliance certification by the Sharia’a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.