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February 21, 2020

Meezan Bank approves guidelines

Business

February 21, 2020

KARACHI: Meezan Bank’s Shariah Supervisory Board approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan in its

46th Shariah Supervisory meeting, a statement said on Thursday.

The Shariah Supervisory Board showed its overall satisfaction on the Shariah-compliance environment and operations of the Bank. Several key issues were discussed in the meeting related to modern trends in Islamic banking, the statement said.

“Guidelines for a digital mobile account – Meezan Asaan Mobile Account based on Mudarabah was approved under which a customer can open his digital mobile account at Meezan Bank without the hassle of visiting any physical branch,” it added.

On maintaining balance in this account, the customer would be entitled to receive halal profit based on actual returns of Shariah-compliant financings on monthly basis. Furthermore, the customer would be able to use this account to deposit and withdraw funds digitally or from any Meezan Bank branch all over Pakistan.