The senior Shariah scholars and advisors of Islamic banks and conventional banks having Islamic windows, have agreed to standardise the forex and interbank Musharakah agreements amongst Islamic banks and Islamic banking windows. This move will facilitate availability of Shariah-compliant venues for deployment of excess liquidity of Islamic banks.
This agreement was reached during a meeting called by Meezan Bank Ltd, in which Shariah scholars discussed the challenges in Islamic Treasury Operations. The participants held detailed discussion over recent issues in forex trading and interbank products and agreed to standardise the forex and interbank Musharakah agreements amongst Islamic banks and Islamic banking windows.-PR