The 18th Shariah Supervisory Board meeting of Meezan Bank Limited was held at the Darul Uloom Korangi here on Thursday. A statement issued here said that the meeting was chaired by former JusticeMuhammad Taqi Usmani. Other members of the Shariah Board included Sheikh Essam M Ishaq (Bahrain) and Dr Muhammad Imran Usmani.
The senior management of Meezan Bank including Irfan Siddiqui-President and CEO, and Ariful Islam, Chief Operating Officer, were also present at the meeting. The statement said that the Shariah Board praised the performance and growth of the bank and expressed satisfaction with the Shariah-conformity of the bank's products and overall business and transactions.
It said that several important matters including the proposal for an Ijarah-based financing product for manufacturing companies of the SME sector and the establishment of an Islamic Counter at the Karachi Stock exchange were reviewed by the Shariah Board. Both these matters have been highlighted as current market needs for accessibility to Islamic Banking for the SME sector and for trading in shares of Shariah-compliant organisations via a Shariah-compliant operational and financial mechanism.-PR
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