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Meezan Bank holds its 18th Shariah Supervisory Board Meeting chaired by Justice (Retd.) Muhammad Taqi Usmani

January 7th, 2012

The 18th Shariah Supervisory Board meeting of Meezan Bank Limited was recently held at the Darul Uloom Korangi, Karachi.

The meeting was chaired by Justice (Retd.) Muhammad Taqi Usmani; other members of the Shariah Board include Sheikh Essam M. Ishaq (Bahrain) and Dr. Muhammad Imran Usmani. The senior management of Meezan Bank including Mr. Irfan Siddiqui – President & CEO, & Mr. Ariful Islam – Chief Operating Officer were also present at the meeting.

The Shariah Board praised the performance and growth of the Bank and expressed satisfaction with the Shariah-conformity of the Bank’s products and overall business and transactions. Several important matters including the proposal for an Ijarah-based financing product for manufacturing companies of the SME sector and the establishment of an Islamic Counter at the Karachi Stock exchange were reviewed by the Shariah Board. Both these matters have been highlighted as current market needs for accessibility to Islamic Banking for the SME sector and for trading in shares of Shariah-compliant organizations via a Shariah-compliant operational and financial mechanism.