In line with the bank’s vision ‘To serve you better, everyday’, Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has been regularly launching various new products and services for the SME sector.
Meethaq’s comprehensive suite of SME solutions is designed to empower SMEs to succeed at every stage of their business evolution and grow to their full potential.
Meethaq’s Sharia-compliant SME solutions are unique and provide support to an important sector of the economy.
Meethaq’s SME product offerings include working capital finance, term and project finance, contract finance, trade services, currency exchange services and tailored financing solutions for the SMEs based on their business needs.
Each Meethaq SME customer is assigned a dedicated Account Relationship Manager with a wealth of experience to provide financial advice and guidance. A brief highlight of Meethaq’s key SME solutions is listed below.
Meethaq’s Ijarah financing solution allows customers to enjoy the utility and benefits of assets, while Meethaq bears the ownership risks associated with the assets until the end of the financing tenor.
The ownership of the financed asset is transferred to the customer at the maturity of the financing based on requirements, which include the settlement of all liabilities in accordance with the relevant finance documents.
The Ijarah financing solution is best suited for financing the purchase of plant machinery, equipment, property and vehicles.
Diminishing Musharaka is another financing solution, which allows customers to purchase assets in partnership with Meethaq.
Based on the concept of ‘Shirkat Al-Milk’, assets are purchased under the joint ownership of both the customer and Meethaq. Subsequently, Meethaq will lease its ownership in the assets to the customers for their use under a lease agreement.
The share of Meethaq in the Musharaka is on a diminishing basis (i.e., The customer from time to time purchases Meethaq’s share in the Musharakah through periodical instalments in accordance with the relevant finance documents).— Times Of Oman