مصرف ميزان الإسلامي وتجربة التمويل الشرعي: المرابحة والاستصناع نموذجًا

MEEZAN BANK'S APPROACH TO ISLAMIC FINANCING: A CASE STUDY OF MURABAHA AND ISTISNA

Abstract

This study explores the implementation of Murabaha and Istisna contracts at Meezan Bank, an Islamic financial institution in Pakistan. Murabaha, a cost-plus financing structure, and Istisna, a forward manufacturing contract, are widely utilized by Islamic banks to provide Shariah-compliant financial solutions. The study aims to analyze the bank’s adherence to the AAOIFI Shariah standards, as well as the regulatory framework established by Pakistan's financial authorities. The research outlines the step-by-step process of executing Murabaha and Istisna contracts at Meezan Bank, covering key aspects such as contract formation, procurement, payment mechanisms, and risk management. It also identifies potential challenges faced by the bank in maintaining compliance with Islamic principles and proposes solutions for enhancing Shariah adherence. The findings suggest that Meezan Bank has successfully integrated these contracts into its operations while ensuring transparency, risk mitigation, and compliance with regulatory requirements. Moreover, the study highlights key areas where further improvements can be made to align with evolving Shariah interpretations and regulatory landscapes. This study contributes to the existing literature by providing practical insights into the application of Murabaha and Istisna contracts in an Islamic banking context, offering recommendations for industry practitioners, regulators, and policymakers. The research underscores the importance of continuous training, product development, and regulatory collaboration to maintain the integrity and growth of Islamic finance in Pakistan.