Meezan Bank Limited will introduce a new product based on "Musharakah" as an alternative to conventional running finance facility, said a bank here on Monday. It said the product would help corporate sector clients to manage their business dealing in a Shariah compliant manner and would increase the product menu offered by Islamic banks in the country.
It was further pointed out that the new product was approved in 11th Shariah Supervisory Board meeting of the Meezan Bank Limited, held at Jamia Dar-ul-Uloom here.
The meeting was chaired by Mufti Taqi Usmani and attended by other prominent international Shariah scholars, including Sheikh Essam Ishaq from Bahrain and Dr Imran Usmani. The meeting was also attended by Meezan Bank President and Chief Executive Officer Irfan Siddiqui along with the bank's senior management.
The meeting's agenda covered topics that included the new product developments. The board approved new products related to Istisna Financing (a manufacturing contract), and a toll manufacturing product based on Ijarah. The products were developed by Product Development Wing of the bank under the guidance of the Shariah scholars.-PR
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