Meezan Bank, ISRA to expand role of Islamic finance

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Amanullah Khan

Karachi—Meezan Bank, Pakistan’s first and largest Islamic bank has recently signed a multi-faceted Memorandum of Understanding (MoU) with the International Shari’ah Research Academy for Islamic Finance (ISRA), aimed at jointly expanding the role of Islamic finance through collaborations on various aspects of this field.
As per this MoU, the two organizations shall work on a collaborative arrangement that includes the provision of joint Shariah consultancy services which will cater to the relevant guidelines and regulations for Islamic finance markets.
Meezan Bank will also address the major ‘training’ challenge prevalent in the Islamic banking industry by providing technical assistance, in-depth guidance, knowledge and expertise for capacity building and human capital development.
This comprehensive MoU further sets out a clear roadmap for research into the domains of Shariah and Islamic finance that shall be facilitated by exchange of best practices in research and training. Meezan Bank shall also be providing joint services with respect to arrangement of seminars, conferences, workshops and short-term courses.
Commenting on this agreement, Irfan Siddiqui said: “This MoU recognizes the critical need for addressing the Islamic finance challenges through collaborations and partnerships in order to meet the heightened demand for Islamic banking products and services. Meezan Bank is committed to develop and promote Shariah-compliant finance industry and we are quite hopeful that this agreement will enhance opportunities through increased exposure and knowledge sharing.”