Page 14 - CMA Journal (Mar-Apr 2025)

Exclusive Interview

Serving SMEs under Islamic principles required navigating Meezan also works to support government
the complexity of asset-backed financing to meet their
specific needs. In response, we prioritized education, financing needs with Shariah-compliant
conducting seminars and workshops both within and
outside the Bank. The growing public acceptance of instruments such as sukuk and engages in
Islamic banking and Meezan’s continued expansion reflect projects across renewable energy,
the success of these foundational efforts.
infrastructure, and agriculture that contribute
ICMA: Given your commitment to Islamic Shariah
principles, how does Meezan Bank ensure complete to broader economic development
compliance across all its operations and products?
Irfan Siddiqui: Meezan Bank’s commitment to Islamic growth with responsible banking and social impact,
Shariah principles is embedded in every aspect of its Meezan Bank continues to build a financial system that
operations. To ensure complete compliance, the Bank reflects the values of fairness and justice.
operates under the guidance of an independent Shariah
Supervisory Board comprising globally recognized ICMA: Looking ahead, what is Meezan Bank’s long-term
scholars. This Board, which is chaired by honorable vision for supporting the broader Islamization of
Justice (Retd.) Muhammad Taqi Usmani Sahab oversees Pakistan’s financial and economic system?
the approval and monitoring of all products, services,
Irfan Siddiqui: As the country’s first and largest Islamic
and processes. A resident Shariah Board member bank, Meezan sees itself not only as a service provider
provides continuous oversight, while a dedicated but as a catalyst for embedding Shariah-compliant
Shariah Compliance Department works closely with all practices across the entire financial sector. The Bank
business units to review transactions and procedures at collaborates closely with the State Bank of Pakistan,
both pre- and post-implementation stages. Every
government bodies, and regulators to support policy
product launched undergoes thorough Shariah vetting. and regulatory development that enables sustainable
In addition, the Bank conducts regular internal and Islamic finance.
external Shariah audits to ensure adherence to principles
and maintain operational integrity. This framework Meezan continues to develop comprehensive offerings
allows us to uphold Shariah compliance with consistency across retail, corporate, SME, trade finance, and digital
and transparency across the organization. banking, ensuring all segments—from individuals to large
corporations—can access Shariah-compliant financial
ICMA: Meezan Bank envisions making Islamic solutions. Special attention is given to SMEs and agriculture,
banking the ‘first choice’ in Pakistan. What key as well as initiatives that support women’s inclusion.
strategies are you adopting to realize this vision?
Recognizing Pakistan’s young, tech-savvy demographic,
Irfan Siddiqui: Meezan Bank’s aims make Islamic banking
the Bank invests in digital solutions including mobile
the first choice in Pakistan by offering a complete, platforms, digital wallets, and AI-driven services, all built
Shariah-compliant financial ecosystem rooted in service on a foundation of Shariah integrity. Education and
excellence, Shariah-compliance, and integrity. To achieve capacity-building remain central, with partnerships in
this, Meezan has adopted a multi-faceted approach. place to train future professionals and support Islamic
The Bank continues to expand its reach with a growing finance research.
branch network now spanning over 1,050 locations Meezan also works to support government financing
across 350 cities, ensuring access to Islamic banking for a needs with Shariah-compliant instruments such as sukuk
diverse population. Its comprehensive product suite and engages in projects across renewable energy,
serves retail, SME, commercial, corporate, and trade infrastructure, and agriculture that contribute to broader
finance customers, all vetted through a robust Shariah
economic development.
governance framework.
Internally, the Bank fosters a culture of learning and
Meezan maintains a strong customer-centric philosophy, innovation, ensuring its teams remain prepared for a
focusing on personalized solutions, service quality, and rapidly evolving financial environment. Meezan Bank
ongoing feedback. The Bank emphasizes digital transfor- ultimately envisions Islamic finance not as an alternative,
mation through advanced platforms that enhance conve-
but as the primary model for equitable, just, and
nience while maintaining full Shariah compliance.
inclusive economic growth in Pakistan.
Meezan also leads efforts in financial literacy, building
awareness through targeted education campaigns. The Editorial Board thanks Mr. Irfan Siddiqui, President & CEO,
Strategic partnerships with regulators and academic Meezan Bank Limited for sparing from his precious time to give
institutions further promote Islamic finance as a exclusive interview for Chartered Management Accountant Journal.
sustainable and equitable alternative. By aligning

12 ICMA’s Chartered Management Accountant, Mar-Apr 2025