Meethaq, the Islamic banking window of Bank Muscat, Al Salam Bank Bahrain and Bahraini retail and commercial banking institution BMI Bank announced the signing of a memorandum of understanding to collectively pool expertise, technologies and resources, and work together across a range of Islamic banking activities, including Islamic syndications, particularly those issued in Oman, treasury transactions, liquidity management products and Islamic trade finance transactions. 

The MoU was signed at the BMI Bank headquarters by Sulaiman al Harthy, group general manager – Meethaq; Yousif Taqi, chief executive of Al Salam Bank, and Jamal al Hazeem, chief executive of BMI Bank, a press release said on Sunday.

“Meethaq is delighted to sign the MoU with Al Salam Bank and BMI Bank and we will work together to offer various Islamic finance products covering treasury, trade finance and the capital market in Oman,” said Harthy.

“Meethaq is working to strengthen its operations in the sultanate, which is witnessing substantial growth in the Islamic banking industry and we consider our partnership with Al Salam Bank and BMI Bank a great advantage to maximise favourable opportunities and thereby expand our coverage,” added Harthy.

“Since its inception in 2013, Meethaq has emerged as a leading Islamic banking service provider in Oman and has enhanced its reputation within the region through its investment in staff, systems and controls, along with the timely launch of several world-class Sharia’a-based products and services,” said Hazeem.

“Our organisations share mutual principles, values and expertise and are therefore pleased to sign this MoU and look forward to enhancing this partnership in the coming years,” he added.