Meezan Bank honoured

KARACHI: Meezan Bank has won the award of “Best Islamic bank in Pakistan” for 2014 from the Islamic Finance News of REDmoney Group, Malaysia, a statement said on Wednesday.
The Islamic Finance News (IFN) Awards honours the best in the Islamic financial industry across the world and are among the most prestigious and recognised awards in the global Islamic financial markets, it said.
In addition to the Best Islamic bank in Pakistan award that has been conferred for the nineth time, Meezan Bank has also won Musharakah Deal of the Year Award for advising and arranging short-term Sukuk of Rs2 billion for Lalpir Power Limited.
This first of its kind Sukuk were innovatively structured on the basis of Musharaka (Shirkat-ul-Aqd). The introduction of the short-term Sukuk by Meezan Bank marks the opening of another much-needed avenue for Islamic mutual funds, which faces a scarcity of short-term tradable instruments.