Banking practices: Banks meet to improve Islamic financing SOPs

Senior Shariah scholars and advisers of Islamic banks and conventional banks with Islamic windows have agreed to standardise Forex and interbank Musharakah agreements between Islamic banks and Islamic banking windows. This move will facilitate the availability of Shariah-compliant venues for deployment of excess liquidity of Islamic banks. This agreement was reached during a meeting called by Meezan Bank Ltd, in which Shariah scholars discussed the challenges in Islamic Treasury Operations.The forum was attended by several prominent Shariah scholars along with Product Development and Treasury professionals of all major Islamic banks and Islamic banking windows of conventional banks.