Pakistan’s leading Islamic bank Meezan Bank has partnered with Pakistan’s National Clearing Corporation Limited (NCCPL) to develop new Sharia-compliant products for Pakistan’s capital markets.
Through this agreement, Mezzan Bank will support NCCPL’s new Shariah-compliant product , Murabaha Equity Finance Scheme (MSF), which will help expand Shariah-compliant equity financial instruments for stockbrokers and their clients.
Ariful Islam, Executive Vice President of Meezan Bank, and Muhammad Luqman, CEO of NCCPL, signed a Memorandum of Understanding at a ceremony at Meezan Bank’s headquarters in Karachi. The event was also attended by NCCPL CEO Muhammad Asif, COO Sajid Sikander, NCCPL Product Development Manager, Meezan Bank’s Head of Capital Markets, and Director of Product Development.
Under the agreement, MEBL and NCCPL will work to increase the share of Islamic products in Pakistan’s capital markets and to develop new financial instruments in accordance with Islamic law. Meezan Bank is also the country’s first bank to join the MSF scheme, an NCCPL Sharia-compliant product, as an intermediary clearinghouse for providing Sharia-compliant financing to stockbrokers and their clients in Pakistan.
Ariful Islam – Executive Vice President of Meezan Bank commented on the event: “Islamic capital markets are an integral part of the Islamic financial system of the country and offer great potential for innovative products in line with customer needs.”
“This collaboration will pave the way for bringing new and innovative Sharia-compliant products to capital markets,” said Muhammad Luqman, CEO of NCCPL.
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