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Meezan Bank’s Shariah Board Approves Guidelines for FinTech based products

September 11th, 2018

The 39th meeting of Meezan Bank’s Shariah Supervisory Board (SSB) was held recently at Darul Uloom, Karachi under the Chairmanship of Justice (Retd.) Muhammad Taqi Usmani, along with other members of the Shariah Supervisory Board; Sheikh Esam Mohamed Ishaq and Dr. Muhammad Imran Ashraf Usmani. This meeting was also attended by Meezan Bank’s Founding President and CEO – Mr. Irfan Siddiqui, Deputy CEO – Mr. Ariful Islam and senior management team of the Bank.

The Shariah Board evaluated Meezan Bank’s proposal for using FinTech based solutions for consumers and provided guidelines for developing a digital platform and App for Islamic FinTech where offer and acceptance is done electronically. The Shariah Board also provided the guidelines to ensure proper delivery and possession of goods in case of executing sale through digital platform.

The Shariah Board was pleased on the overwhelming response received on the subscription of the first Shariah-compliant Tier 1 Sukuk issued by the Bank. The Board expressed satisfaction over Meezan Bank’s Shariah-conformity and consistent growth.