Meethaq, Zubair SEC collaborate on supporting entrepreneurs with Islamic finance

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Zubair Small Enterprises Centre (Zubair SEC), signed a Memorandum of Understanding (MoU), to extend support to entrepreneurs and owners of small businesses and maximise successful entrepreneurial channels in the Sultanate.

The MoU was signed at the Zubair Corporation headquarters in Athaiba by Sulaiman Al Harthy, Group General Manager - Islamic Banking, and Mohammed Al Hasani, Chief of Communications Officer of Zubair Corporation , in the presence of top management executives from both sides.

Sulaiman Al Harthy said: "Meethaq is proud to join hands with Zubair SEC to provide Islamic finance for SMEs in Oman. The main objective of the bank's SME strategy is to complement the government efforts in empowering entrepreneurs to chart successful business ventures by providing necessary training, guidelines, tools etc. The partnership with Zubair SEC marks a clear progression of the well defined strategy pursued by the bank in line with the directives of His Majesty Sultan Qaboos bin Said to support the SME sector and strengthen its role in the economic development of Oman."

Al Harthy added: "Meethaq strives to fulfill the needs of customers with innovative Shari'a based products and is well positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry."

Commenting on the MoU, Mohammed Al Hasani said: "Today we are adding significant value to the system that we have been building for entrepreneurs and owners of small businesses in the Sultanate. This facility has been evolving and developing based on the close attentiveness to the needs of Zubair SEC's members and the market demand. What we always aim for is to cater to entrepreneurs' needs with all our capacity and reach. Hence, the partnership with Meethaq Islamic Bank has been very well received by our members and brings a new perspective to the "access-to finance" that we try to facilitate for them through our network of strategic partners."

On fulfilling the funding criteria based on Meethaq credit policy, financial assistance will be extended to micro and small enterprises in the Sultanate, including members of Zubair SEC's Direct Support Programme who get selected every year by Zubair SEC as the most engaged and committed members.

Zubair SEC will direct its members possessing feasible business proposals to Meethaq for Islamic financing for SME ventures. Mutual efforts by both parties will also be in place towards raising awareness on Islamic financing, entrepreneurship, and business administration.

Zubair SEC is one of the initiatives which emanated from Zubair Corporation 's strategic social responsibility vision towards Omani society. The vision reflects the corporation's belief in the importance of small enterprises (SEs) in enhancing the national economy and contributing to sustainable socio-economic development. The centre comprises a team of socially engaged and business savvy advisors who put all efforts to contribute to leveraging the Omani community through equipping and enabling entrepreneurs and start-ups to grow with their businesses in a sustainable and responsible manner. Since its launch in 2013, Zubair SEC has added to its membership 200 small businesses and around 220 entrepreneurs from all sectors of the economy to benefit from its services and support.

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About Zubair Small Enterprises Centre (Zubair SEC)Established in June 2013, the Zubair Small Enterprises Centre (Zubair SEC) is one of the initiatives which emanated from Zubair Corporation 's strategic social responsibility vision towards Omani society. The vision reflects the corporation's belief in the importance of small enterprises (SEs) in enhancing the national economy and contributing to sustainable socio-economic development. The centre extends business mentorship and guidance to Oman's promising entrepreneurs as well as financial support to selected entrepreneurs every year, to help them succeed and grow in a sustainable manner.

For more information on Zubair SEC, please contact the Communications Office at info@zubairsec.org

https://www.zawya.com/story/Meethaq_Zubair_SEC_collaborate_on_supporting_entrepreneurs_with_Islamic_finance-ZAWYA20140929142107/