(MENAFN - Arab Times) Kuwait Finance House Bahrain and Meethaq Islamic Banking Group, the Islamic window of Bank Muscat, signed a Memorandum of Understanding that aims to support joint business opportunities in the Islamic Banking sector. This relates to areas of treasury transactions, trade finance and capital markets (sukuk and syndications in the Sultanate of Oman). In terms of interbank relationship, the MoU particularly addresses "WASI", an overnight liquidity management product launched by KFH-Bahrain. The MoU was signed by Abdulhakeem Alkhayyat, the Managing Director & CEO of KFH-Bahrain and Sulaiman Al Harthy, the Group General Manager Meethaq Islamic Banking Group. On this occasion, Abdulhakeem Alkhayyat and Sulaiman Al Harthy expressed their delight on signing this memorandum, which is considered a culmination of the mutual desire of the two entities to work together and consider the prospects of joint business in various fields of Islamic banking to develop new opportunities
Abdulhakeem Alkhayyat commented "We are happy to add Meethaq Islamic Banking to our growing list of partners who work with us to offer distinctive services and products". Sulaiman Al Harthy noted that "The Sultanate of Oman is expected to witness a substantial growth in the Islamic banking industry within the coming years. We consider our partnership with KFH-Bahrain a great advantages to maximize mutual favorable opportunities that lie ahead and expand our coverage. In addition to that, it will support the position of Meethaq Group in the Islamic banking industry." Alkhayyat added "KFH-Bahrain is always pleased to collaborate with Islamic financial institutions as a key facilitator for the development and growth of the industry to meet future requirements.
Sulaiman Al Harthy commented "We are pleased to sign this MoU with KFH-Bahrain, which is considered to be one of the most reputable Islamic financial institutions. We will work with KFH-Bahrain to offer various Islamic finance products including treasury transactions, trade finance and capital markets business in the Sultanate of Oman, with sukuk and syndications in particular." "Oman has a growing Islamic banking industry with sound regulations, laws and transparency. Meethaq Group is working to strengthen its presence in the Sultanate of Oman by expanding its branches across the Sultanate and offering various banking products and services that comply with Islamic law." Bank Muscat/Meethaq Islamic Banking Group is the first financial institution in the Sultanate to receive a license from the Central Bank of Oman (CBO) and the first to introduce Shari'a compliant products to the public. Beginning of fully-fledge Islamic banking operations in January 2013, Meethaq Group is the pioneer of Islamic banking in Oman