KARACHI: The Shariah Supervisory Board (SSB) of Meezan Bank Limited has approved the concept for the first ever air-time based Sukuks to be issued in Pakistan, according to a statement issued on Friday.
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 at Darul Uloom Korangi, Karachi.
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 Shariah Supervisory Board praised the performance of Meezan Bank and showed overall satisfaction with the Shariah-conformity of the products and transactions of Meezan Bank Limited.