Post by Sapphire Capital on Aug 1, 2008 21:13:56 GMT 4
Karachi, Jul 31, 2008 (Asia Pulse Data Source via COMTEX) -- Meezan Bank Limited and Eden Builders (Private) Limited have signed a Rs. 2 billion Islamic financing facility mandate in a ceremony held at a local hotel in Karachi on Thursday.
Irfan Siddiqui, President & CEO of Meezan Bank, Muhammad Arshad CEO of Eden Builders and other participating financial institutions inked the deal.
The proceeds from the A-rated privately placed Sukuk issue will be utilized by Eden Builders to finance its upcoming housing projects called Eden Value Homes Extension stretching over an area of 1,500 Kanals in Lahore.
Meezan Bank acted as the Lead Advisor & Arranger and Shariah Structuring Advisor of this innovative Islamic Project financing Sukuk transaction. Askari Bank Limited acted as Co-Arranger.
Speaking on the occasion Irfan Siddiqui, President and CEO Meezan Bank said that this Islamic finance facility of Rs.2 billion is one of the largest Islamic mandates awarded in the real estate sector of Pakistan.
He said that Meezan Bank is active in financing the real estate sector and this historic deal with Eden Builders reflects the Banks commitment to spread Islamic banking in this sector.
Irfan said that Meezan Bank is the leading Islamic Bank in Pakistan with the dominant market share of this sector. The Bank has grown very aggressively over the last six years and has achieved a growth rate of around 60% per annum every year during this period.
He shared his vision to establish Islamic banking as the banking of first choice and said that this successful financing arrangement with Eden Builders is a sign of rising confidence in Islamic banking.
Speaking at the occasion, Muhammad Arshad CEO of Eden Builders said that the company has successfully launched two Mega Housing Projects in Lahore. Considering the phenomenal success of these projects Eden Builders has decided to launch the extension of Eden Value Homes (EVH) project. This project will consist of 3500 housing units of various sizes. He said the project cost would be Rs. 9 Billion.
Arshad added that Eden Builders will embark on more housing projects in Lahore and also expand its operations outside Lahore, namely Sialkot, Gujranwala, Multan and Islamabad very shortly. He stated that the outlook of doing housing business in Pakistan is very good as the demand for housing is strong.
It is estimated that there is a shortfall of more than 300,000 housing units and it is accumulating on annual basis. Eden has established a reputation for providing affordable and high quality housing solutions to the community within one compound. Our core competency is high quality. Customer satisfaction is our priority always.
Irfan Siddiqui, President & CEO of Meezan Bank, Muhammad Arshad CEO of Eden Builders and other participating financial institutions inked the deal.
The proceeds from the A-rated privately placed Sukuk issue will be utilized by Eden Builders to finance its upcoming housing projects called Eden Value Homes Extension stretching over an area of 1,500 Kanals in Lahore.
Meezan Bank acted as the Lead Advisor & Arranger and Shariah Structuring Advisor of this innovative Islamic Project financing Sukuk transaction. Askari Bank Limited acted as Co-Arranger.
Speaking on the occasion Irfan Siddiqui, President and CEO Meezan Bank said that this Islamic finance facility of Rs.2 billion is one of the largest Islamic mandates awarded in the real estate sector of Pakistan.
He said that Meezan Bank is active in financing the real estate sector and this historic deal with Eden Builders reflects the Banks commitment to spread Islamic banking in this sector.
Irfan said that Meezan Bank is the leading Islamic Bank in Pakistan with the dominant market share of this sector. The Bank has grown very aggressively over the last six years and has achieved a growth rate of around 60% per annum every year during this period.
He shared his vision to establish Islamic banking as the banking of first choice and said that this successful financing arrangement with Eden Builders is a sign of rising confidence in Islamic banking.
Speaking at the occasion, Muhammad Arshad CEO of Eden Builders said that the company has successfully launched two Mega Housing Projects in Lahore. Considering the phenomenal success of these projects Eden Builders has decided to launch the extension of Eden Value Homes (EVH) project. This project will consist of 3500 housing units of various sizes. He said the project cost would be Rs. 9 Billion.
Arshad added that Eden Builders will embark on more housing projects in Lahore and also expand its operations outside Lahore, namely Sialkot, Gujranwala, Multan and Islamabad very shortly. He stated that the outlook of doing housing business in Pakistan is very good as the demand for housing is strong.
It is estimated that there is a shortfall of more than 300,000 housing units and it is accumulating on annual basis. Eden has established a reputation for providing affordable and high quality housing solutions to the community within one compound. Our core competency is high quality. Customer satisfaction is our priority always.