Best Islamic bank 2025: Meethaq Islamic Banking
Meethaq Islamic Banking, operating under Bank Muscat, has been selected as the best Islamic bank in Oman, a testament to its exceptional services and dedication to Islamic banking principles.
This prestigious recognition is validated by Meethaq’s outstanding 2024 financial growth, with assets increasing by 14.7% to reach OR2.3 billion ($5.97 billion) and financing portfolio expanding by 13.5% to OR1.8 billion.
The bank’s vibrant clientele grew by 19% in 2024, attracting over 35,000 new customers through its innovative product offerings. Meethaq’s pioneering digital transformation has been exceptional, with mobile banking transactions increasing by 42% and 78% of all banking services now accessible through digital channels.
The introduction of the AI-powered Meethaq Assistant in March 2024 has further revolutionised customer service, handling over 15,000 inquiries monthly with a remarkable 94% resolution rate.
Meethaq’s product innovation stands out prominently with the launch of Sukuk Plus in May 2024, Oman’s first Shariah-compliant investment solution combining sukuk investments with ethical equity exposure. This market-first initiative attracted OR25 million within just three months.
The bank’s green financing portfolio also grew by 67% to OR120 million, funding 12 major sustainable infrastructure projects across Oman.
Unwavering Shariah compliance is evidenced in its quarterly Shariah audit reports and the distinguished seven-member Shariah supervisory board led by Sheikh Dr. Khalid Al Mirdas. In 2024, Meethaq conducted 28 community workshops on Islamic finance principles, reaching over 3,500 participants across Oman.
Corporate social responsibility remains central to Meethaq’s mission, with the bank allocating OR1.2 million to various social initiatives in 2024, including the establishment of three fully equipped computer labs in rural schools and supporting 75 small businesses through its entrepreneurship programme.
Through its demonstrated financial strength, digital innovation, product leadership and unwavering commitment to Shariah principles and community development, Meethaq Islamic Banking stands out in the Omani banking sector and rightfully merits recognition as Euromoney’s best Islamic bank in Oman.
