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Meezan Bank’s Shariah Board Approves Shariah Compliant Structure for Close-Out of Foreign Currency Hedging Transactions

December 30th, 2013

The 20th Shariah Supervisory Board meeting of Meezan Bank Limited was held at the Darul Uloom Korangi, Karachi. The meeting was held under the chairmanship of (Retd.) Justice Mufti Taqi Usmani and was also attended by Sheikh Essam M. Ishaq, who specially came from Bahrain for this meeting as well as Dr. Muhammad Imran Usmani, Shariah Advisor of the Bank & member of the SSB. The senior management of Meezan Bank including Mr. Irfan Siddiqui – President & CEO,Mr. Ariful Islam – Deputy CEO, Mr. Ahmed Ali Siddiqui – Head of Product Development along with other team members also attended the meeting.

The Shariah Audit unit of the Bank gave a detailed presentation to the Board about the overall Shariah Audit methodology, performance and measures taken for improving the overall level of Shariah-compliance within the Bank. The Board appreciated the role and activities of the Shariah Audit unit. The Board was very happy with the level of Shariah-compliance of overall business and transactions of Meezan Bank. The Board also congratulated the Bank on winning the Global Islamic Finance award for ‘Best Research & Development’. It praised the commitment and efforts of the Bank’s management in ensuring Shariah-compliance within the organization and commented that Meezan Bank is considered as a role model among Islamic banks in the world.