KARACHI - The Shariah Supervisory Board (SSB) of Meezan Bank Limited has approved the concept for the first-ever air-time based Sukuks to be issued in Pakistan. The Board has also approved detailed guidelines for Islamic banks related to sharing of security with other banks for long term Islamic project & structured financing.

According to a statement, these decisions were taken during the 19th meeting of the Shariah Supervisory Board (SSB) of Meezan Bank held at Darul Uloom Korangi, Karachi.

The meeting was chaired by world-renowned Islamic scholar and chairman of Meezan Bank’s Shariah Supervisory Board, Justice (r) Mufti Muhammad Taqi Usmani.      The Shariah Supervisory Board praised the performance of Meezan Bank and showed overall satisfaction with the Shariah-conformity of the products and overall business and transactions of Meezan Bank Limited.

Meezan Bank completed ten years of operations in 2012 and has progressively grown to become the country’s 8th largest bank in terms of branch network. Driven by its vision to ‘establish Islamic banking as banking of first choice’, the bank has established an extensive branch network of 306 branches across 90 cities in Pakistan.