A statement declared by Shariah Board praised performance and growth of the bank as well expressed satisfaction with the Shariah-conformity of the bank's products and overall business and transactions.

It said that several important matters including the proposal for an Ijarah-based financing product for manufacturing companies of the SME sector and the establishment of an Islamic Counter at the Karachi Stock exchange were reviewed by the Shariah Board.

Both these matters have been highlighted as current market needs for accessibility to Islamic Banking for the SME sector and for trading in shares of Shariah-compliant organizations via a Shariah-compliant operational and financial mechanism.

It was further pointed out that the Meezan Bank is the first and the largest Islamic Bank in Pakistan with a branch network of 275 in 83 cities across Pakistan and offers a complete range of Islamic banking products and services including free online banking for all Pak Rupee account at all its branches.

Copyright APP (Associated Press of Pakistan), 2011