Meezan Bank’s Shariah Board approves issuance of Ijara Sukuk

KARACHI: The Shariah Board of the Meezan Bank has approved the structure for the issuance of the new government of Pakistan Ijara Sukuk, a statement said on Monday.

The 51st Shariah Board meeting of the Meezan Bank held at Dar-ul-Uloom, Korangi, Karachi, was chaired by former Justice Mufti Muhammad Taqi Usmani, chairman of the Shariah Supervisory Board, Meezan Bank, it added.

The Shariah Board reviewed several key issues, including transaction structure for the issuance of the new government of Pakistan Ijarah Sukuk in detail. Former Justice Mufti Muhammad Taqi Usmani approved the proposed Sukuk structure and showed his comfort and appreciation for the recent efforts made by the government in the issuance of the Sukuks and promotion of Islamic banking in the country.

The Shariah Board also approved the Meezan Islamic Charge Card, an innovative product offering the customers convenience and flexibility and upon the use of which the customers can avail of various benefits and discounts.

Dr Imran Ashraf Usmani, vice-chairman of the Shariah Supervisory Board, Mufti Naveed Alam, resident Shariah Board member, as well as the bank’s senior management, including Ariful Islam – deputy chief executive officer; Ahmed Ali Siddiqui, group head of the Shariah Compliance; and other key officials attended the meeting.

Sheikh Esam Mohamed Ishaq, Shariah Supervisory Board member attended the meeting via video-call.

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