First eMurabaha transaction conducted



The country’s first electronic commodity Murabaha transaction—facilitated by Pakistan Mercantile Exchange Ltd (PMEX) was conducted between Meezan Bank Ltd (MBL) and Dubai Islamic Bank Pakistan Ltd (DIBPL) recently.
The transaction will pave the way for an Islamic money market in the country, the press release added. Meezan Bank was Sharia technical services provider for development of this Sharia-compliant trading platform at PMEX. State Bank of Pakistan of Pakistan (SBP) had earlier allowed banks to conduct transactions on PMEX Sharia Compliant Trading Platform (SCTP) in a limited capacity for the pilot period of three months.”—Agencies