KARACHI, July 31: Meezan Bank will launch Rs2 billion Sukuk bonds for Eden Builders.

According to an agreement signed here on Thursday, the fund would be utilised 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 adviser and arranger and Shariah structuring adviser of this project financing Sukuk transaction. Askari Bank Limited acted as co-arranger.

The project, costing Rs9 billion, will consist of 3,500 housing units of various sizes.

The finance facility of Rs2 billion is one of the largest Islamic mandates awarded in the real estate sector of Pakistan.

Speaking on the occasion Irfan Siddiqui, President and CEO Meezan Bank said that his bank was active in financing the real estate sector and this historic deal with Eden Builders reflects the bank’s commitment to spread Islamic banking in this sector.

In his address, Muhammad Arshad CEO of Eden Builders said that the company had successfully launched two mega housing projects in Lahore.

He said that Eden Builders would embark on more housing projects in Lahore and also expand its operations to Sialkot, Gujranwala, Multan and Islamabad very shortly.