Lahore (Muhammad Yasir) Supernet Limited (‘SNL’), a subsidiary of Telecard Limited has been awarded Shariah Screening Certificate by Meezan Bank Limited, based on the review of consolidated financial statements of SNL, certifying its compliance with KSE Meezan Islamic Index Criteria set out by Pakistan Stock Exchange, this was announced in a notice by Telecard sent to Pakistan Stock Exchange today.
According to Meezan Bank letter, Meezan Bank Limited, in the capacity of Banker to the book building, reviewed the Consolidated Audited Financial Statements of Supernet Limited based on June 30, 2021 which are in compliance with KSE Meezan Islamic Index Criteria set out by Pakistan Stock Exchange.
On the basis of reviewed financial statements, it is allowed to participate in initial offering of Supernet Limited with the provision that the investee will be required to purify is dividend income as per company’s annual dividend purification rate determined on semi-annual basis in KMI- All Share Islamic Index.
This is pertinent to highlight that the Shariah compliance status of the company’s financial statements may vary from one financial period to the other. So, this certificate shall remain valid as long as company’s latest available financial statements are for the period ended June 30.