Meezan Bank and NCCPL join Hands for New Shariah-Compliant Products for Capital Markets
Meezan Bank, Pakistan’s first and the largest Islamic bank has collaborated with National Clearing Company of Pakistan Limited (NCCPL) for developing new Shariah-compliant products for capital market. Through this collaboration, Meezan Bank Limited (MBL) will extend its support in introducing Murabaha Share Financing System (“MSF”), a new Shariah compliant product implemented by NCCPL and continuous improvements in existing and new products.
The MoU was signed by Mr. Ariful Islam, Deputy CEO – Meezan Bank and Mr. Muhammad Lukman, CEO – NCCPL at a ceremony held at Meezan Bank Head Office, Karachi. Also present at the occasion were Mr. Mohammad Asif, GM-Head of Operations and Mr. Sajid Sikander, Manager Product Development from NCCPL. Mr. Muhammad Raza, Group Head Customer Support, Mr. Ayub Baig, Manager Capital Markets and Hasan Faraz, Manager Product Development from Meezan Bank.
Commenting on this occasion, the Deputy CEO of Meezan Bank, Mr. Ariful Islam said: “Islamic capital markets form an integral part of the country’s Islamic financial system and offer a great potential for product innovation to suit the needs of the customers. Through this collaboration, Meezan Bank aims to overcome the challenges associated with new product development for this sector, while also encouraging growth in both the markets as well as economic investment.”
Meezan Bank is also the first bank in the country to be inducted in MSF system, a Shariah-compliant product of NCCPL, as a Non Broker Clearing Member for the purpose of extending Shariah-compliant financing to the Stock Brokers and their customers in Pakistan.
“This collaboration will pave way for introducing new and innovative shariah compliant products in capital markets”, said Mr. Lukman on the occasion.