Meethaq extends support to Organisation of Waqf

20/04/2017 05:36 AST

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, in step with its commitment to fulfil the needs of customers with innovative Sharia based products and services, extended support to the Organisation of Waqf launched by the Ministry of Awqaf and Religious Affairs under the auspices of Sayyid Hamoud bin Faisal al Busaidy, Minister of Interior.

The initiative is the first-of-its-kind, reflecting the preparedness of Oman for the future of innovative utilisation of Waqf for the nation.

With an integrated administrative and legal system, the organisation provides an opportunity for partnership in the management of Waqf under the supervision of the Ministry of Awqaf and Religious Affairs. The organisation enhances the efficiency of Waqf to meet the current needs of people. The novel facility allows registered Waqf organisations to utilise available resources in ensuring the development of society.

The Organisation of Waqf opens new horizons with a modern vision for philanthropy, ensuring administrative independence for participating organisations.

Addressing a panel discussion at the launch ceremony, Sulaiman al Harthy (pictured), Deputy Chief Executive Officer - Islamic Banking, highlighted the challenges and potential for leveraging Waqf for stimulating growth and development of the economy and society. Innovative products and services are required to meet the evolving needs of the public, including utilisation of Waqf in compliance with Sharia laws, he added.

Sulaiman al Harthy said, "Meethaq is pleased to partner with all stakeholders to support the development of the country and local communities."

Oman Daily Observer