The 9th Shariah Supervisory Board meeting of Meezan Bank Limited, the first and the largest Islamic bank in the country, was held on September 7, 2005, in Karachi.
The meeting was chaired by Justice Muhammad Taqi Usmani and attended by world-known Shariah scholars including Dr Abdul Sattar Abu Ghuddah (Saudi Arabia), Sheikh Essam M. Ishaq (Bahrain) and Dr Muhammad Imran Usmani.
The meeting was also attended by Irfan Siddiqui (President & CEO), Ariful Islam (Chief Operating Officer), Muhammad Shaoib (CEO, Al Meezan Mutual Fund), Ahmed Ali Siddiqui (Manager, Product Development), Abdullah Ahmed (Head of Treasury).
The main theme for the meeting was to explore solutions for excess liquidity management for Islamic banks and Islamic mutual funds.
The board reviewed the procedure for Day Trading and Ready/Futures trading done at different stock exchanges of the country and resolved that the current practice, followed at the stock exchange for ''''Same Day Trading'''' and Ready/Futures Trading was not allowed as per the rules of Shariah.
The board approved an alternative product for Futures Trading, developed by the PDSC--Product Development & Research wing of the bank.
The board also approved a ''''Diminishing Musharakah-based'''' Islamic financing solution for medium and long term financing of plant and machinery and non-commercial vehicles. The board reviewed the performance of the bank and steps taken to ensure Shariah-compliance at the bank.
Besides a highly qualified and prominent Shariah Supervisory Board, Meezan Bank also has a permanent Shariah Advisor, Dr Imran Usmani (a world known figure in Islamic finance) who reviews and approves the transactions of the bank.-PR
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