Meezan Bank and Ruba Digital Company of Ruba SEZ Group, signed an agreement to certify Ruba Digital's Instalment sale product 'Mustafeed Islamic Facility'. Under this facility, Ruba Digital will sell consumer durables on instalments; Meezan Bank's role is to provide guidelines to Ruba Digital for ensuring that their instalment sales scheme is completely Shariah-compliant.
Speaking on the occasion, Waseem Afridi CEO Ruba Digital said that Meezan Bank's Islamic Finance knowledge and expertise would enable Ruba Digital to earn Halal returns on this business. He highlighted that Meezan Bank provides Shariah Advisory services around the globe to the financial sector and Ruba Digital is one of the few companies outside the core financial sector that have requested Meezan Bank to structure their instalment product according to Shariah principles. Waeem Afridi - CEO Ruba Digital, Aqeel Zahid CFO Ruba Digital, Abdul Muqsit - Shariah Advisor Ruba Digital and Farhan ul Haq Usmani Senior Vice President Meezan Bank were present on the occasion.-PR