KARACHI: After reviewing its consolidated financial statements, Meezan Bank Limited has awarded Supernet Limited (SNL), a subsidiary of Telecard Limited, the Shariah Screening Certificate, which certifies compliance with the KSE Meezan Islamic Index Criteria set out by the Pakistan Stock Exchange (PSX).

This was disclosed by Telecard Limited in material information sent to the stock exchange on Monday.

A bank letter said the Meezan Bank Limited, in its capacity as banker to book building, reviewed the Consolidated Audited Financial Statements of Supernet Limited based on June 30, 2021 and found them to be in compliance with the KSE Meezan Islamic Index Criteria as formulated by the PSX.

According to the information provided, the bank is allowed to participate in initial offering of Supernet Limited with the provision that the investee will be required to purify dividend income as per company’s annual dividend purification rate determined on semi-annual basis in KMI - the All Share Islamic Index.

The Shariah compliance status of the company’s financial statements may vary from one financial period to the other. Therefore, the certificate granted recently shall remain valid as long as the company’s latest available financial statements are for the period ending on June 30.

Copyright Business Recorder, 2022