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Meezan Bank takes part in Wheat Procurement Financing for Government of Punjab

May 9th, 2009

The signing ceremony for Wheat Procurement Financing to Government of Punjab was held today in Lahore between Meezan Bank Limited, AlBaraka Islamic Bank and Bank of Punjab.

This is the first time that Islamic Banks are taking part in Wheat Financing for the government and Meezan Bank Limited will finance a major share of Rs.3 billion in the consortium organized by Bank of Punjab.

The President of Bank of Punjab attended the signing ceremony along with the signatories of the Punjab Food Department and Senior Management of Meezan Bank Limited.

Participation in this facility is part of Meezan Bank’s vision of providing the benefits of Islamic Banking to all sectors of the economy and this is the first time that Islamic-Shariah-compliant financing has been provided to the government for procurement of wheat.