KARACHI: Meezan Bank, Pakistan's first and largest Islamic bank, has become the first Islamic bank in Pakistan to provide Shariah-compliant Agricultural financing by extending a Shariah-compliant financing facility in the agriculturally rich Central region of Pakistan.
A statement here on Thursday said that under the financing arrangement, Meezan Bank will sell DAP, urea, pesticides and seeds to its clients on a Murabaha basis.
The Bank is planning to expand the scope of this facility to other geographical areas and has developed a comprehensive Agricultural Financing Policy and detailed procedural manuals for this initiative.
The Bank has launched this initiative in order to make the benefits of Islamic financing available to the agriculture industry of Pakistan.
Meezan Bank has been recognized as the best Islamic bank in Pakistan by various local and international institutions over the past several years.
The Bank offers a complete range of Islamic banking products and services through a retail banking network of over 300 branches in 90 cities, supported by 24/7 banking services that include over 240 ATMs, Internet Banking and a 24-hour Call Center, the statement added.