MUSCAT — The Ministry of Awqaf and Religious Affairs signed a memorandum of understanding with Meethaq Group for Islamic Banking at Bank Muscat. Shaikh Abdullah bin Mohammed al Salmi, Minister of Awqaf and Religious Affairs, signed the MoU on behalf of the Ministry, while Sulaiman bin Hamad al Harthy, Director-General of Meethaq, represented his institution.
The MoU states that the Ministry will open a banking account for Islamic banking at Meethaq, which will in turn facilitate the collection and distribution of alms funds by utilising all possible mechanisms and channels, including the running of a branch network, ATMs, internet banking, phone banking and Awqaf shares. Meethaq will also conduct promotional tasks for alms, zakat and Awqaf shares on behalf of the Ministry, among other asset restructuring and related managerial responsibilities.
The MoU also provides that Meethaq will designate an annual prize to be known as Meethaq Prize for Islamic Banking Studies. The award seeks to encourage research on economy and Islamic banking. The MoU states that Islamic banking will be implemented in accordance with the tenets of Sharia without prejudice to the existing laws of the Sultanate or the laws issued by the Central Bank of Oman.