Meezan Bank approves guidelines

KARACHI: Meezan Bank’s Shariah Supervisory Board (SSB) has approved proposal for financial technology-based solutions for consumers and provided guidelines for developing a digital platform and app for Islamic FinTech where offer and acceptance is done electronically, a statement said on Tuesday.

The 39th meeting of the SSB was held at Darul Uloom, under the chairmanship of former Justice Muhammad Taqi Usmani, along with other members of the Shariah Supervisory Board, it added.

The Shariah Board also provided guidelines to ensure proper delivery and possession of goods in case of executing sale through digital platform, it said.

The Shariah Board expressed pleasure on the overwhelming response received on the subscription of the first Shariah-compliant Tier 1 Sukuk issued by the bank.

The board also expressed satisfaction over Meezan Bank’s Shariah-conformity and consistent growth, it added.