Karachi: In an unprecedented move, a senior delegation from Malaysia visited Meezan Bank's headquarters in Karachi, marking a significant milestone for Pakistan's Islamic banking sector. The delegation's visit aimed to study Meezan Bank's successful Islamic banking model, which has set a benchmark in the region.

This landmark visit is the first instance where Malaysian financial institutions have turned to a Pakistani bank for insights into Islamic banking. The delegation, led by the Association of Shariah Advisors in Islamic Finance in Malaysia (ASAS) and accompanied by H.E. Mr. Herman Hardynata Ahmad, Consul General of Malaysia, included representatives from major Malaysian banks and financial bodies.

Meezan Bank, the largest Islamic bank in Pakistan with a market share nearing 25%, showcased its Shariah-compliant practices and operations. The Malaysian delegation explored the bank's operational framework, focusing on its implementation of Shariah-compliant structures and product innovation.

The visit included discussions with Meezan Bank's top executives and Shariah scholars, providing insights into the bank's end-to-end Islamic banking model. The delegation examined Meezan's use of trade- and partnership-based structures, a key differentiator in its financing portfolio.

To offer a comprehensive view of Pakistan's Islamic finance landscape, the delegation also visited key institutions like the Pakistan Stock Exchange and the State Bank of Pakistan. These visits shed light on the country's regulatory and market framework.

Datuk Ahmad Hizzad bin Baharuddin, from SME Bank, emphasized the visit's importance, noting the unique private sector-driven model of Pakistan's Islamic banking, contrasting with Malaysia's central bank-led approach. He highlighted potential areas for collaboration, particularly in Sukuk, where Malaysia is a leader.

Syed Amir Ali, Deputy CEO of Meezan Bank, expressed optimism about future collaborations, emphasizing the shared interest in advancing Islamic banking between Pakistan and Malaysia. The visit is seen as a step towards enhancing financial integration and offering ethical alternatives to conventional finance.