AIRLINK 191.54 Decreased By ▼ -21.28 (-10%)
BOP 10.23 Decreased By ▼ -0.02 (-0.2%)
CNERGY 6.69 Decreased By ▼ -0.31 (-4.43%)
FCCL 33.02 Decreased By ▼ -0.45 (-1.34%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.45 Increased By ▲ 0.63 (2.89%)
HUBC 126.60 Decreased By ▼ -2.51 (-1.94%)
HUMNL 13.83 Decreased By ▼ -0.03 (-0.22%)
KEL 4.79 Decreased By ▼ -0.07 (-1.44%)
KOSM 6.35 Decreased By ▼ -0.58 (-8.37%)
MLCF 42.10 Decreased By ▼ -1.53 (-3.51%)
OGDC 213.01 Increased By ▲ 0.06 (0.03%)
PACE 7.05 Decreased By ▼ -0.17 (-2.35%)
PAEL 40.30 Decreased By ▼ -0.87 (-2.11%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.25 Decreased By ▼ -0.38 (-4.4%)
POWER 8.85 Increased By ▲ 0.04 (0.45%)
PPL 182.89 Decreased By ▼ -0.14 (-0.08%)
PRL 38.10 Decreased By ▼ -1.53 (-3.86%)
PTC 23.90 Decreased By ▼ -0.83 (-3.36%)
SEARL 93.50 Decreased By ▼ -4.51 (-4.6%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.85 Decreased By ▼ -1.88 (-4.51%)
SYM 18.44 Decreased By ▼ -0.42 (-2.23%)
TELE 8.66 Decreased By ▼ -0.34 (-3.78%)
TPLP 12.05 Decreased By ▼ -0.35 (-2.82%)
TRG 64.50 Decreased By ▼ -1.18 (-1.8%)
WAVESAPP 10.50 Decreased By ▼ -0.48 (-4.37%)
WTL 1.78 Decreased By ▼ -0.01 (-0.56%)
YOUW 3.96 Decreased By ▼ -0.07 (-1.74%)
BR100 11,697 Decreased By -168.8 (-1.42%)
BR30 35,252 Decreased By -445.3 (-1.25%)
KSE100 112,638 Decreased By -1510.2 (-1.32%)
KSE30 35,458 Decreased By -494 (-1.37%)

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

Copyright Business Recorder, 2005

Comments

Comments are closed.