Meezan Bank and NCCPL join hands for Capital Markets New Shariah compliant products

Karachi: In collaboration with the Pakistan National Clearing Company of Pakistan Limited (NCCPL), Meezan Bank, Pakistan's leading Islamic bank, has developed new products that are shariah compliant on the country's capital market. Through this collaboration, MEEZAN Bank will increase support for the introduction of the new Shariah compliance product 'Murabaha Share Financing System' (MSF), implemented by NCCPL, which will allow stockbrokers and their customers to expand their Shariah-compliant equity financing facilities.

At the event conducted at the Meezan Bank Head Office in Karachi the MOU was signed by Mr Ariful Islam, Deputy CEO, Meezan Bank, and Mr Muhammad Lukman, CEO – NCCPL. Mr Mohammad Asif, Head of Operations, GM – Head of Operations and Mr Sajid Sikander – NCCPL Product Development Manager, Mr. Muhammad Raza – Head of Customer Support Group, Ayub Baig – Capital Markets Manager and Hasan Faraz – Meezan Bank Product Development Manager, also taken part on this occasion.

This agreement would allow both organisations to expand the share of Islamic products on the capital markets of Pakistan and develop new financial instruments that comply with Shariah. Meezan Bank is also the first sharia-compliant NCCPL product to be inducted into the MSF system as a non-broker clearing member in the country to increase Stock Brokers and its customers in Pakistan access to Shariah-compliant financing.

Mr Ariful Islam - Meezan Bank Deputy SEO, commented on this occasion, "Islamic capital markets represent an important part of the country's Islamic financial system and have tremendous potential for innovation to meet customers' needs. Through this cooperation, Meezan Bank wants to overcome the challenges of new product creation in this sector and encourage economic and market growth."

"This collaboration is set to pave the path for the introduction of new and innovative products in capital markets compliant with Shariah," said Mr Muhammad Lukman, the CEO of the NCCPL.

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