The entire world is working on developing an exploitation free economic system. There is no doubt; Islam offers the most comprehensive economic system. The permission by the Government of Pakistan to allow conventional banking system run in parallel with Islamic banking was the first but a realistic move. For details click https://www.youtube.com/watch?v=DWl3LNc3E2w
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
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
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?
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
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
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