Oman-based Meethaq, a leader in Islamic banking, has signed an agreement to provide Islamic project finance for Dar Al Tomouh Company to set up a first-of-its-kind commercial contract chicken farming project in the sultanate, said a report.

The project with an expected annual production capacity of 3.74 million kg live chicken will have a far reaching impact on improving the living standards and generating employment opportunities for farm entrepreneurs, said the Oman Daily Observer report.

The project will be established in the wilayat of Nizwa, said Sulaiman Al Harthy, deputy chief executive officer of Meethaq Islamic Banking after signing the deal with Naveen Pasupathy, CEO of Dar Al Tomouh.

The support for the project comes in line with Meethaq vision to bring the benefits of Islamic banking to all strata of society, stated Al Harthy.

The project will contribute towards food security and economic diversification in the sultanate, he added.