Al Salam Bank Bahrain (ASBB) and Bahraini retail and commercial banking firm, BMI Bank, have jointly signed a memorandum of understanding (MoU) with Meethaq, an Islamic window of Bank Muscat, to pool expertise, technologies and resources collectively.

In accordance with the terms of the MoU, all three parties will work together across various Islamic banking activities such as Islamic syndications, particularly those issued in Oman, treasury transactions, liquidity management products and Islamic trade finance transactions.

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The signing ceremony held at BMI Bank’s headquarters, was attended by the chief executive officers of the two banks Yousif Taqi and Jamal Al-Hazeem with Sulaiman Al Harthy, group general manager and Muhammad Nadeem Aslam, head of Islamic Banking – representing Meethaq Islamic Banking.

BMI Bank CEO Jamal Al-Hazeem said since its inception in 2013, Meethaq has emerged as a leading Islamic Banking service provider in Oman.

Al-Hazeem further said that the bank has enhanced its reputation within the region through its investments in staff, systems and controls along with the timely launch of several world-class Sharia compliant products and services.

Meethaq Islamic Banking group general manager Sulaiman Al Harthy commented, "Meethaq is working to strengthen its operations in the Sultanate which is witnessing substantial growth in Islamic banking industry and we consider our partnership with Al Salam Bank Bahrain and BMI Bank a great advantage to maximize favorable opportunities and thereby expand our coverage."

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