KARACHI, Dec 10: Meezan Bank Ltd has signed an agreement with the Eden Builders to arrange Rs2.5 billion financing facility through Sukuk. The agreement was inked by Ch. Mohammad Arshad, Chief Executive of Eden Builders and Mr. Najmul Hassan, General Manager – Corporate & Business Development Meezan Bank Ltd.

According to this arrangement, Meezan Bank would arrange finance for the upcoming residential and housing projects of Eden Builders in Lahore, Faisalabad and other cities.

Meezan bank Ltd had already taken the lead in Islamic Investment and Sukuk initiatives by playing the leading role in Rs53 billion investment banking transactions for corporate entities during the first 11 months of year 2007 alone and current Rs2.5 billion investment banking transaction make the total investment banking transactions of MBL from Rs53 billion to Rs55.5 billion for year 2007.

Speaking at the occasion Mr. Najmul Hassan, General Manager – Corporate & Business Development, Meezan Bank Ltd, said Pakistan’s industrial sector is showing a significant paradigm shift away from conventional banking to Islamic mode of financing, said a press release issued by the Bank.