Meezan Bank's Shariah Supervisory Board approves more product

 

The 11th Shariah Supervisory Board meeting of Meezan Bank Limited, Pakistan’s first and largest Islamic Bank was held at Jamia Dar ul Uloom Karachi. The meeting was chaired by Mufti Taqi Usmani and was attended by other prominent International Shariah scholars including Sheikh Essam Ishaq from Bahrain and Dr. Imran Usmani. The meeting was also attended by Mr. Irfan Siddiqui, Meezan Bank’s President and CEO along with the Bank’s senior management.
The meeting’s agenda covered topics that included the new product developments. The board approved a product based on Musharakah as an alternative to conventional running finance facility. The product will help corporate sector clients to manage their business dealing in a Shariah Compliant manner and will increase the product menu offered by Islamic banks in the country. The product will be offered soon to the local corporate sector client by Meezan Bank.
They board also reviewed & approved new products related to Istisna Financing (a manufacturing contract), and a Toll manufacturing product based on Ijarah. The products were developed by the research & product development wing of the bank under the guidance of the Shariah scholars.
In Addition the Board expressed its satisfaction that Meezan Bank continues to maintain its Shariah excellence in all its businesses and banking transactions.

 
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