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_: Pakistan Mercantile Exchange Limited (PMEX), country's only multi-commodity futures exchange, has achieved yet another breakthrough by facilitating the country's first electronic Murabaha transaction, which in essence will pave the way for an Islamic Money Market. Meezan Bank was the Shariah Technical Services Provider for development of this Shariah-compliant trading platform at PMEX.
State Bank of Pakistan of Pakistan (SBP) had earlier allowed banks to conduct transaction on PMEX Sharia Compliant Trading Platform (SCTP) in a limited capacity for the pilot period of three months. The first electronic commodity Murabaha transaction was conducted between Meezan Bank Limited (MBL) and Dubai Islamic Bank Pakistan Limited (DIBPL) on December 26, 2017.
This is a revolutionary and landmark achievement in the history of Pakistan, which has the potential of bringing Islamic banks at par with their conventional counterparts...