June 16th, 2008
Meezan Bank Limited, Pakistan’s first and largest Islamic Bank has launched a new finished goods Islamic financing facility called “Meezan Tijarah”. The facility is available to SME/Commercial/Corporate customers seeking Shariah compliant working capital financing solutions.
Meezan Tijarah would facilitate the customers that sell Finished Goods on a credit basis. The product can be used for providing financing facility in transactions where final / transformed goods are available for sale. The facility will enable the customers to sell their Finished Goods, meet their working capital requirements and enjoy the benefits of cash sales. It is available for trading and manufacturing concerns and can also be used to facilitate customers to convert their interest based financing facilities to Islamic banking.
The product concept was researched and developed at the Product Development & Shariah Compliance department – the research wing of the bank, and is duly approved by Dr. Imran Usmani, Shariah Advisor of the Bank.
President & Chief Executive Officer Meezan Bank Mr. Irfan Siddiqui said that introducing ‘Meezan Tijarah’ is sign of our commitment to introduce innovative products for the customers so that it could benefit from Shariah based banking.
He said that in an effort to furnish its customers with an utmost level of satisfaction and promote the benefits of Riba-free banking to every corner of Pakistan, Meezan Bank will continue to strive in providing a range of Shariah compliant products and the best facilities for banking convenience.
Meezan Bank’s mission is to provide its customers dedicated and pure Islamic Banking facilities with the greatest of convenience and personalized service with over 100 online branches in 31 major cities of the country.