Muscat: Meethaq, the pioneer of Islamic banking in Oman from
Bank Muscat, and Kuwait Finance House, have signed a memorandum of
understanding (MoU) that aims at supporting joint business opportunities in the
Islamic banking sector.
This relates to areas of treasury
transactions, trade finance and capital markets, especially sukuk and
syndications in Oman. In terms of inter-bank facility, the MoU addresses
'Wasi', an overnight liquidity management product launched by KFH-Bahrain.
Sulaiman Al Harthy, group general manager
(Meethaq Islamic Banking), and Abdulhakeem Alkhayyat, managing director and
chief executive officer of KFH-Bahrain, signed the MoU in Manama. They
expressed delight in signing the MoU, which was the culmination of mutual
desire to work together in various fields of Islamic banking to develop new
opportunities. "The Sultanate is witnessing substantial growth in Islamic
banking industry and we consider our partnership with KFH-Bahrain a great
advantage to maximise favourable opportunities and thereby expand our coverage.
In addition to that, it will support the position of Meethaq Group in the
Islamic banking industry," said Al Harthy.
Expanding network
"Meethaq is delighted to sign the MoU
with KFH-Bahrain, which is considered to be one of the most reputable Islamic
financial institutions. We will work together to offer various Islamic finance
products covering treasury, trade finance and capital market in Oman which has
a growing Islamic banking industry with sound regulations, laws and
transparency. Meethaq is working to strengthen its operations in the Sultanate
by expanding the branch network and offering innovative products and services
in compliance with the Sharia law," he added.
"We are happy to add Meethaq Islamic
banking to our growing list of partners to offer distinctive services and
products. KFH-Bahrain is committed to collaborate with Islamic financial
institutions as a key facilitator for the development and growth of the
industry to meet future requirements," noted Abdulhakeem Alkhayyat.
(Times Of Oman / 26 March 2014)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com
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