Meezan Bank Limited and Eden Builders (Private) Limited signed a Rs 2.5 billion Islamic financing facility mandate in a ceremony held in Lahore. Mohammad Arshad, Chief Executive of Eden Builders, and Najmul Hassan, General Manager, Corporate & Business Development, Meezan Bank, signed the agreement for 5 and half years Sukuk issue.
According to this arrangement, Meezan Bank would arrange finance for the residential and housing projects of Eden Builders in Lahore, Faisalabad, and other cities. Meezan Bank had taken the lead in Islamic investment and Sukuk initiatives by playing a leading role in Rs 53 billion investment banking transactions for corporate entities during the first eleven months of 2007 alone, and the current Rs 2.5 billion investment banking transaction makes the total investment banking transactions of MBL from Rs 53 billion to 55.5 billion for 2007.
Meezan Bank by providing Eden Builders with the innovative financial solution has demonstrated its commitment for providing comprehensive Islamic banking solutions to industrial and corporate sector. Eden Builders, backed by professional excellence of 27 years, is carrying forward its commitment to bring quality living within the access of every Pakistani.
Eden is the pioneer in contemporary and innovative gated community housing projects and specialises in the real estate sector with particular emphasis on undertaking mass scale projects either independently or in joint ventures with leading local and foreign companies.
Najmul Hassan said that Meezan Bank is aggressively striving to ensure rapid expansion of Islamic banking in all financial spheres. He said that Pakistani industrial sector is showing a significant paradigm shift away from conventional banking to Islamic mode of finance.
He said that Meezan Bank remains committed in providing innovative and complete business solutions to the corporate sector. The ongoing investment banking initiatives with major private and public sector corporate entities are a testament of Meezan Bank's vision to establish Islamic banking as banking of first choice in Pakistan.-PR