Oman-based Meethaq, a leader in Islamic banking, has partnered with Ceramica Al-Hae’l, a joint Omani-Qatari company, to provide financing facilities to build a factory for producing ceramic and porcelain products, a report said.

The tiles and fittings production unit will be constructed in Wilayat Sur, added the Oman Observer report.

The agreement was signed by Mohammed Hae’l Al Omar, chairman of Ceramica Al-Hae’l and Sulaiman Al Harthy, deputy chief executive officer at Meethaq.

“We look forward to exchanging mutual experience and collaborating with important institutions throughout the region in the near future. The agreement fits within the company’s strategy to support cooperation with local partners, and provide added-value to the national economy,” Al Omar as quoted as saying in the report.

“Ceramica Al-Hae’l will benefit from the current financing options that are compatible with the provisions of Islamic Sharia law. This initiative from Meethaq confirms the Oman banking sector’s ability to provide financing facilities for large enterprises which help serve the Omani economy, and contribute in the construction and implementation of new projects in various sectors,” he added.