Reaffirming its commitment to advancing financial inclusion and supporting national initiatives, Meethaq Islamic Banking from Bank Muscat has announced a strategic partnership with Oman Housing Bank to provide Sharia-compliant home financing solutions tailored to the needs of eligible Omani citizens under the “Iskan” programme.
This collaboration was formalized through the signing of a cooperation agreement between Meethaq Islamic Banking and Oman Housing Bank. The agreement was signed by Sami Bait Rashid, Assistant General Manager, Meethaq Personal Banking, and Moosa Al Jadidi, Chief Executive Officer, Oman Housing Bank.
The “Iskan” programme enables Omani citizens to conveniently verify their eligibility for housing finance and take confident steps toward home ownership through a streamlined and efficient process. Meethaq’s participation reflects its ongoing commitment to delivering flexible and innovative Islamic banking solutions that cater to diverse customer needs and support the aspirations of various segments of society.
The programme targets Omani citizens listed as eligible beneficiaries with Oman Housing Bank. Financing applications will be assessed and approved in line with Meethaq Islamic Banking’s approved credit policies. The programme offers financing of up to RO 80,000 for integrated residential neighborhood projects and up to RO 60,000 for other projects, with repayment periods of up to 25 years.
To further enhance accessibility, eligible citizens can register through the Iskan electronic platform of the Oman Housing Bank, where applicants are prioritized based on defined criteria. Beneficiaries are notified via SMS containing direct links to complete their financing applications through the platform.
Commenting on the partnership, Sami Bait Rashid, Assistant General Manager, Meethaq Personal Banking, said: “We are pleased to partner with Oman Housing Bank on this important initiative, which represents a significant step toward expanding access to Sharia-compliant home financing solutions. At Meethaq, we remain committed to continuously enhancing our products and services to offer flexible solutions that address customer needs while contributing to social stability and sustainable development.”
This partnership underscores Meethaq Islamic Banking’s dedication in supporting national initiatives by offering innovative Islamic banking solutions that enhance quality of life and promote community wellbeing. Meethaq continues to collaborate with key stakeholders to contribute to the Sultanate’s broader development goals.
Meethaq offers a comprehensive range of financing solutions for individuals, including home purchase, construction financing, and the consolidation of housing related liabilities. Applications can be submitted through an extensive network of 31 Meethaq branches and 20 Hafawa centers. Additionally, customers can also access banking services through more than 64 ATMs and CDMs across the Sultanate, with further access to over 900 Bank Muscat ATMs and CDMs nationwide.
Further reinforcing its leadership in Islamic banking services, Meethaq has received several prestigious awards, including Best Islamic Investment Bank in Oman from Islamic Finance News (IFN), Market Leadership Award within Global Islamic Finance Awards (GIFA), Best Islamic Digital Bank in Oman from Global Finance, and the Pioneer in Islamic Digital Banking from Oman Economic Review Magazine, among others.
