Karachi, October 19, 2016: The 29th meeting of Shariah Supervisory Board of Meezan Bank was held at Darul Uloom Korangi, Karachi. The meeting was held under the chairmanship of Justice (Retd.) Muhammad Taqi Usmani. The other Board members were Sheikh Essam M. Ishaq and Dr. Muhammad Imran Ashraf Usmani, Resident Shariah Board member of Meezan Bank. The senior management of Meezan Bank including the President & CEO – Mr. Irfan Siddiqui and other team members also attended the meeting.
The Shariah Supervisory Board approved a ticket based financing structure for airline industry which will help the Bank in providing solution to airline industry especially when fixed assets are not available with airline company.
The Shariah Supervisory Board was informed about the performance and measures taken for improving the overall level of Shariah compliance within the Bank. The Board appreciated the Bank’s efforts and achievements in this matter.
The Shariah Board shared their deep concerns about the lack of liquidity deployment opportunities for Islamic banks and about the non-availability of various schemes such as LTFF, Energy refinance scheme for Islamic banks which are available for conventional banks. It was highlighted that a larger number Shariah-compliant securities are needed to fulfill the liquidity requirement of the Islamic banking industry in Pakistan.