KARACHI: The Shariah Supervisory Board of the Meezan Bank has
approved guidelines to establish a local commodity murabaha platform at
Pakistan Mercantile Exchange (PMEX), a statement said on Thursday.
The
board, in its 30th meeting held under the chairmanship of former justice
Muhammad Taqi Usmani recently, also directed the Meezan Bank to ensure that all
the requirements for a Shariah-compliant genuine sale transaction are met.
The
guidelines would facilitate real sale and purchase of commodities in the ready
market, while ensuring that a proper delivery mechanism is in place. This would
further enable PMEX customers to avail of physical delivery easily, it added.
The
board also reviewed and discussed various solutions for resolving excess
liquidity situation for Islamic banks and evaluated the working procedures of
three major international commodity murabaha platforms, including Bursa
Malaysia, DMCC Dubai and London Metal Exchange used by the international
Islamic banks for managing their excess liquidity, it said.
Restricted
investment avenues for Islamic banks have been a major challenge, putting the
international financial institutions (IFIs) at a competitive disadvantageous
position.
Moreover,
Islamic banking industry is looking to find solutions for excess liquidity
management, while the government is looking for Shariah-based financing
solution to move away from the interest-based borrowing.
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