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Waqf for the promotion of education

Ihsan Trust promoting education for a brighter Pakistan

Ihsan Trust was established as an independentTrust (Waqf) in 2010 with the vision to create a poverty free society on the principles of equality and compassion. Their missions is to reach out and help the poor and needy according to the principles of Islam and take care/look after the wellbeing of poor and needy and… Continue reading Ihsan Trust promoting education for a brighter Pakistan

Islamic Finance

Meezan Bank Shariah Board Approves Guidelines for Digital Mobile Account

In its 46th Shariah Supervisory Board meeting, Meezan Bank Shariah Supervisory Board has approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan. The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, Ahmed Ali Siddiqui and other key officials. Irfan… Continue reading Meezan Bank Shariah Board Approves Guidelines for Digital Mobile Account

Islamic Banking in Pakistan

Gold a Shariah compliant investment

Prior to the outbreak of virus in China, analysts were of the view that gold prices will hold above US$1,500/oz in 2020 and make modest gains in 2021. It was also believed that low interest rates and geopolitical uncertainly will bolster appeal of the precious metal. Lately price of precious metal, falling in the list… Continue reading Gold a Shariah compliant investment

Islamic Finance

Meezan Bank makes Rs 4.1 billion provision for 2019

Meezan Bank (MEBL) reported CY19 earnings of Rs11.84/share as compared to Rs6.97/share for the same period last year. Accompanying result, the Bank also announced a final dividend of PkR2/share taking cumulative dividend for CY19 to Rs5.00/share. MEBL held analyst briefing to discuss its CY19 result and outlook for the Bank. Key highlights of the briefing… Continue reading Meezan Bank makes Rs 4.1 billion provision for 2019

Islamic Finance, Islamic Mode of Financing

Is Government of Pakistan really serious in making Islamic banking the first choice?

In Pakistan there exists two distinct, but opposite opinions about the growth of Islamic banking in the country. The proponents are jubilant and claim that now a little less than 15% of total assets of the banking sector are now Shariah compliant. However, the other group insists that the quantum is paltry; keeping in view… Continue reading Is Government of Pakistan really serious in making Islamic banking the first choice?

Islamic Finance

AAOIFI 18th Annual Shariah Boards Conference to be held on 17-18 March 2020

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has announced to hold AAOIFI 18th Annual Shariah Boards Conference under the auspices of Central Bank of Bahrain, on 17-18 March 2020 at Gulf Hotel, Kingdom of Bahrain. AAOIFI Annual Shariah Boards Conference is considered one of the most important events to discuss Shariah aspects related… Continue reading AAOIFI 18th Annual Shariah Boards Conference to be held on 17-18 March 2020

Islamic Finance

Half of Malaysian Banking Assets to become Islamic in Next Decade

According to a Bloomberg report, Malaysia plans to convert half of its banking assets to be Islamic by 2030 as the industry’s growth surpasses growth of conventional banking. Shariah compliant loans are expected to grow by 10% to 15% annually over the next five years, surpassing 5% to 7% growth seen for non-Islamic loans, said… Continue reading Half of Malaysian Banking Assets to become Islamic in Next Decade

Islamic Finance

Revolutionizing Islamic Finance through Blockchain

IBA CEIF, in collaboration with Usmani & Co, successfully held a Product Development & Shariah Compliance Forum session on "Blockchain: Applications and Opportunities for the Islamic Finance Industry on 22nd January 2020.  Eminent scholars and leading industry practitioners attended the event. Sharjil Ahmed, CEO Cykube and Member Advisory Board, Usmani & Co, explained how blockchain… Continue reading Revolutionizing Islamic Finance through Blockchain