Meezan Bank & Ruba Digital sign agreement

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Meezan Bank, Pakistan’s first and largest Islamic Bank, and Ruba Digital – Company of Ruba SEZ Group, signed an agreement to certify Ruba Digital’s Installment sale product ‘Mustafeed Islamic Facility’. Under this facility, Ruba Digital will sell consumer durables on installments; Meezan Bank’s role is to provide guidelines to Ruba Digital for ensuring that their installment sales scheme is completely Shariah-compliant. Speaking on the occasion, Mr. 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 installment product according to Shariah principles.