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Islamic Alternative of conventional Running Finance Facility to be introduced June 19, 2007

Posted by islamicfinanceaffairs in Uncategorized.
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Associated Press of Pakistan – Islamic Alternative of conventional Running Finance Facility to be introduced

Meezan Bank Limited, Pakistan’s first and largest Islamic Bank, will introduce a new product based on `Musharakah’ as an alternative to conventional running finance facility.

This was announced in a statement of the Meezan Bank issued here on Monday.

It said that the product will be offered soon to the local corporate sector client by Meezan Bank.

The product will help corporate sector clients to manage their business dealing in a Shariah Compliant manner and will increase the product menu offered by Islamic banks in the country.

The statement further pointed out that this new product was approved in 11th Shariah Supervisory Board meeting of Meezan Bank Limited held at Jamia Dar ul Uloom Karachi.

The meeting was chaired by Mufti Taqi Usmani and attended by other prominent International Shariah scholars including Sheikh Essam Ishaq from Bahrain and Dr. Imran Usmani.

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