SBP Islamic Banking Bulletin, July-Sep 2007

Has emerged as a viable and efficient model of

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has emerged as a viable and efficient model of financial intermediation. This book highlights some of the benefits that this new model of financial intermediation can bring to society and examines the role that Islamic finance can play in promoting growth and development. It points out some crucial prerequisites in this regard and identifies the areas where more re- search and development is needed. It un- derlines the fact that while Islamic banking fulfils the religious requirements of a large portion of global population, it widens the choice set for all. By doing so, it increases efficiency and the resource allocation proc- ess. It presents interesting case studies that bring to light certain features of Islamic fi- nance and their relationships with growth, economic and financial stability, allocative efficiency and social justice. Contents Introduction Islamic Finance and Development. Islamic Financial System and Economic Growth: An Assessment. The role of Islamic Financial Institutions in Sustainable Development. Efficiency of Islamic Banks in Malaysia. An Analysis of Relationships between Interest- Free Financing Systems and Sustainable Devel- opment: The Case of Iran Effects of Implementing a Non-Interest Bank- ing System on Monetary Policy Controllability and Policy-Goals Links in Iran The Role of Islamic Finance in Industrial Pro- jects in the State of Kuwait. The Role of Islamic Banks in Economic Growth: The Case of Jordan Source : title.aspx?is=140394718X Page 7 Book in Focus
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July-September 2007 Meezan Bank Limited Company Information In 2002 the first Islamic banking license was issued to Meezan Bank by the State Bank of Pakistan. Societe Gen- erale’, a French commercial bank, operations in Pakistan were acquired by Meezan Bank and concurrently Al Meezan Investment Bank converted itself into a full fledged Islamic commercial bank. The new bank was renamed Meezan Bank Limited. Shariah Board Justice (Retd.) Muhammad Taqi Usmani (Chairman) Dr. Abdul Sattar Abu Ghuddah Sheikh Essam M. Ishaq Dr. Muhammad Imran Usmani ( Shariah Advisor) To ensure strict Shariah compliance in all the Bank’s operations a dedicated and full fledged Product Develop- ment & Shariah Compliance (PDSC) department was formally setup by the bank in March 2005 for the cen- tralization of Product development activities, new prod- uct research, Islamic banking training and Shariah Com- pliance audit functions. The department works under the guidance & supervision of the Bank’s Shariah Advisor – Dr. Muhammad Imran Usmani and the Shariah Supervi- sory Board of the Bank. Meezan Bank has a large product menu offering a complete range of Islamic banking products and services, such as: Corporate and Investment Banking, Commercial and SME, Consumer Finance, Treasury & Financial Insti- tutions, and Asset Management. The Asset Management business is managed through a subsidiary Al Meezan In- vestment Management Limited. The Retail Bank is or-
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  • Fall '11
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