Saadullah Khan & Brothers (SKB) and Meezan Bank Limited (MBL) led syndicate signed a landmark Rs 910 million Syndicated Murabaha Finance Facility on January 30 at MBL's Finance & Trade Centre Branch, Karachi.
SKB has traditionally not borrowed under conventional banking products and this is the first time that they have entered into a financing transaction, which is based strictly on the principles of Shariah.
MBL has been mandated to act as lead arranger for financing facility. The purpose of this facility is to finance the purchase of construction material, plant and machinery, etc, for various construction projects of SKB.
SKB is one of the foremost engineering, construction and development companies in Pakistan. With the support of its experienced and devoted work force, formidable fleet of construction plant and equipment, a strong-footed financial position and progressive management, SKB continues to exhibit strong growth and to march towards a new frontier of excellence.
Along with MBL, Pakistan Kuwait Investment Company (Private) Ltd, Union Bank Ltd, Pakistan Industrial Credit & Investment Corporation Ltd, and Saudi Pak Industrial & Agriculture Investment Co (Pvt) Ltd, are also participating as syndicate members in the facility under Shariah compliant mode.-PR
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