facebook

First Ever Air-time Sukuk in Pakistan approved by the Shariah Board of Meezan Bank

November 30th, 2012

The 19th meeting of the Shariah Supervisory Board (SSB) of Meezan Bank was held at Darul Uloom Korangi, Karachi.

The meeting was chaired by world-renowned Islamic scholar and Chairman of Meezan Bank’s Shariah Supervisory Board, Justice (R) Mufti Muhammad Taqi Usmani. Other members of the Shariah Board including Sheikh Essam M. Ishaq, who specially came from Bahrain for this meeting and Dr. Muhammad Imran Usmani, who is also the Shariah Advisor of the Bank were also present at the meeting. President & CEO of Meezan Bank, Mr. Irfan Siddiqui and Chief Operating Officer, Mr. Ariful Islam also attended the meeting along with Head of Product Development Mr. Ahmed Ali Siddiqui and other team members. Several important matters related to Islamic financial products and processes were discussed in the meeting. The SSB approved the concept for the first ever Air-time based Sukuks to be issued in Pakistan. The Board also approved detailed guidelines for Islamic banks related to sharing of security with other banks for long term Islamic project & structured financing. A summary of the Bank’s Shariah Audit was also presented to the SSB. The Shariah Supervisory Board praised the performance of Meezan Bank and showed overall satisfaction with the Shariah-conformity of the products and overall business and transactions of Meezan Bank Limited.