Meezan Bank disburses the first ever Islamic Agricultural Finance

December 28th, 2012

Meezan Bank has become the first Islamic bank in Pakistan to provide Shariah-compliant Agricultural financing by extending a Shariah-compliant financing facility in the agriculturally rich Central region of Pakistan.

Under the financing arrangement, Meezan Bank will sell DAP, urea, pesticides and seeds to its clients on a Murabaha basis. The Bank is planning to expand the scope of this facility to other geographical areas and has developed a comprehensive Agricultural Financing Policy and detailed procedural manuals for this initiative. The Bank has launched this initiative in order to make the benefits of Islamic financing available to the agriculture industry of Pakistan.