IslamicFinance.de

The Shariah board of ‘Meethaq’ Islamic banking gave the approval for RO 150 million capital assigned by BankMuscat for its Islamic banking window operations awaiting regulatory approval. The board from Shariah perspective authorized the authenticity of capital allocation from BankMuscat shareholders’ fund for operations of independent Meethaq Islamic banking.
Sheikh Dr Ali Qaradaghi, Chairman of Shariah board, revealed that the capital allocation is in line with injunctions of al-Quran and as-Sunnah and the fact that various contemporary Shariah scholars have supported the usage of shareholders' fund for Sharia compliant transactions.