Karachi(Cliff News)The 29th meeting of Shariah Supervisory Board of Meezan Bank was held at Darul Uloom Korangi, Karachi. The meeting was held under the chairmanship of Justice (Retd.) Muhammad Taqi Usmani. The other Board members were Sheikh Essam M. Ishaq and Dr. Muhammad Imran Ashraf Usmani, Resident Shariah Board member of Meezan Bank. The senior management of Meezan Bank including the President & CEO – Mr. Irfan Siddiqui and other team members also attended the meeting.The Shariah Supervisory Board approved a ticket based financing structure for airline industry which will help the Bank in providing solution to airline industry especially when fixed assets are not available with airline company.The Shariah Supervisory Board was informed about the performance and measures taken for improving the overall level of Shariah compliance within the Bank. The Board appreciated the Bank’s efforts and achievements in this matter.The Shariah Board shared their deep concerns about the lack of liquidity deployment opportunities for Islamic banks and about the non-availability of various schemes such as LTFF, Energy refinance scheme for Islamic banks which are available for conventional banks. It was highlighted that a larger number Shariah-compliant securities are needed to fulfill the liquidity requirement of the Islamic banking industry in Pakistan.Meezan Bank is the 8th largest bank in Pakistan. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550 branches supported by a countrywide network of over 500 ATMs, VISA and MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, Pakistan Banking Awards – Dawn& IBP Pakistan and CFA Association – Pakistan.The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.