Meezan Bank Shariah Board approves guidelines for digital mobile account
KARACHI: Meezan Bank’s Shariah Supervisory Board approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan during 46th Shariah Supervisory Board meeting.
The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Muhammad Ishaq, Mufti Muhammad Naveed Alam, Ahmed Ali Siddiqui, President and CEO, Meezan Bank Irfan Siddiqui and Deputy CEO, Meezan Bank, Ariful Islam were also present in the meeting, said a press release.
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 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.
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.
The customer can use this account to deposit and withdraw funds digitally or from any Meezan Bank branch all over Pakistan.
The Shariah Supervisory Board also gave important guidelines related to housing finance facility to be offered by the Bank in collaboration with Pakistan Mortgage Refinance Company which is low cost housing finance solution for the lower and middle income families.
Relevant guidelines related to Islamic Fintech solution for supply chain financing were also issued by the Shariah Supervisory Board to make Shariah-compliant financing solutions accessible to Small and Medium Enterprises in Pakistan. – APP