Meezan Bank’s Shariah Board approves Shariah Structure for issuance of new GoP Ijarah Sukuks

July 6th, 2021

In its recently concluded 51st Shariah Board meeting, Meezan Bank’s Shariah Board approved Shariah structure for issuance of new Government of Pakistan (GoP) Ijarah Sukuks.

The 51st Shariah Board meeting of Meezan Bank was held on 28th June, 2021 at Dar ul Uloom, Korangi, Karachi. The meeting was chaired by Justice (Retd.) Mufti Muhammad Taqi Usmani – Chairman Shariah Supervisory Board, Meezan Bank and was attended by Dr. Imran Ashraf Usmani – Vice Chairman Shariah Supervisory Board, Mufti Naveed Alam – Resident Shariah Board Member as well as the Bank’s senior management including Mr. Ariful Islam – Deputy CEO, Mr. Ahmed Ali Siddiqui – Group Head Shariah Compliance and other key officials. Sheikh Esam Mohamed Ishaq – Shariah Supervisory Board Member attended the meeting via video call.

The Shariah Board reviewed several key issues including transaction structure for the issuance of new GoP Ijarah Sukuk in detail. Justice (Retd.) Mufti Muhammad Taqi Usmani – Chairman Shariah Supervisory Board approved the proposed Sukuk structure and showed his comfort and appreciation for the recent efforts made by the Government of Pakistan in the issuance of Sukuks and promotion of Islamic Banking in the country.

The Shariah Board also approved the product of Meezan Islamic Charge Card, an innovative product offering the customers convenience and flexibility and upon the use of which customers can avail various benefits and discounts.