The Shariah Supervisory Board (SSB) of the Meezan Bank has approved the concept for the first ever air-time based Sukuks to be issued in the country. The Board has also approved detailed guidelines for Islamic banks related to sharing of security with other banks for long term Islamic projects and structured financing. These decisions were taken during the 19th meeting of the SSB of Meezan Bank held here at Darul Uloom Korangi. Chaired by Chairman SSB Justice (R) Mufti Muhammad Taqi Usmani, the board meeting was attended by Sheikh Essam M. Ishaq, who specially came from Bahrain for this meeting and Dr. Muhammad Imran Usmani, who is also the Shariah advisor of the bank. President and CEO Meezan Bank Irfan Siddiqui and Chief Operating Officer Ariful Islam also attended the meeting along with Head of Product Development Ahmed Ali Siddiqui and other team members. Several important matters related to Islamic financial products and processes were discussed in the meeting. A summary of the Bank’s Shariah Audit was also presented to the SSB. The SSB praised the performance of the bank and showed overall satisfaction with the Shariah-conformity of the products and overall business and transactions of bank.
