KARACHI: The senior Shariah scholars and advisors of Islamic banks and conventional banks having Islamic windows, have agreed to standardise the forex and interbank Musharakah agreements among Islamic banks and Islamic banking windows.
This move will facilitate availability of Shariah-compliant venues for deployment of excess liquidity of Islamic banks, says a statement here on Monday.
It said that this agreement was reached during a meeting called by Meezan Bank Limited in which Shariah scholars discussed the challenges in Islamic Treasury Operations.
The participants held detailed discussion over recent issues in FX Trading and interbank products and agreed to standardise the FX and interbank Musharakah agreements among Islamic banks and Islamic banking windows.
Meezan Bank's Head of Product Development and Shariah Compliance, Ahmed Ali Siddiqui, said "This forum brings together extensive knowledge and experience of the industry experts on a single platform and has the potential to play a crucial role in addressing the challenges of the industry."
Forum was attended by several prominent Shariah scholars including Dr. Muhammad Imran Ashraf Usmani (Meezan Bank), Mufti Irshad Ahmed Ijaz (Bank Islami), Mufti Khalil Aazmi (Bank Alfalah), Mufti Zahid Siraj (Burj Bank), Mufti Najeeb Khan, Mufti Hasaan Kaleem, Mufti Ebrahim Essaa and Mufti Bilal Qazi (Meezan Bank) along with Product Development and Treasury professionals of all major Islamic banks and Islamic banking windows of conventional banks.
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