KASB Funds Limited (KFL) and Meezan Bank Limited (MBL) have signed a technical services and support agreement. In the light of the accord, Meezan Bank will provide advisory services related to Shariah compliant product development, research and training, conceptualisation, structuring, documentation and financial structuring advisory to KASB Fund Limited on Shariah related matters for its upcoming Islamic fund.
The signing ceremony was attended by KASB'S Chief Executive Officer (CEO) Naz Khan, and Chief Financial Officer (CFO) and Head of Operations of KASB Muhammad Imran Khalil, while from Meezan Bank's President and CEO Irfan Siddiqui, and Chief Operating Officer (COO) Arif-ul-Islam. Renowned Shariah scholar Dr Imran Ashraf Usmani was also present on this occasion. The KASB Funds Limited manages two open-end mutual funds, ie KASB Liquid Fund and KASB Stock Market Fund.
Assets under management have grown tenfold since June 2006 to over rupees eight billion. The company is rated AM3+ by PACRA and has Black Rock Merrill Lynch Investment Managers as one of its institutional shareholders. KASB Funds is part of the KASB Group, which includes KASB Bank, KASB Securities and KASB Capital.
Meezan Bank, being the largest Islamic Bank, stands at a noteworthy point along the evolution of Islamic banking in Pakistan with the fastest growing branch network of 74 online branches.
Meezan Bank's main shareholders are leading local and international financial institutions, including Pak-Kuwait Investment Company, the only "AAA" rated financial entity in the country, the Islamic Development Bank of Jeddah, the renowned Shamil Bank of Bahrain and the Noor Financials of Kuwait.
The bank has a full-fledged Advisory Division, headed by Dr Muhammad Imran Ashraf Usmani. The function's areas of expertise include product development and research, training and development, publications and advisory services in the field of Islamic finance.