Monday, Dec 10, 2007
KARACHI (Dow Jones)--Meezan Bank Ltd. (MEBL.KA), Pakistan's first Shariah-complaint lender, Monday said it will arrange PKR2.5 billion ($41 million) in Islamic financing for Eden Developers Ltd. to help it construct housing projects in the country.
Eden Developers will get the financing for five-and-a-half years through Islamic papers, commonly known as Sukuk, Meezan Bank said in a statement.
Eden plans to build homes in the city of Lahore in eastern Pakistan, in Faisalabad and in other cities.
Meezan Bank has arranged Shariah-complaint financing worth PKR55 billion since the start of 2007, the bank said.
"We will see issuance of Sukuk worth PKR30 billion in the next three months, with a number of companies such as Sui Southern Gas Co. and Engro Chemicals expecting to raise around PKR9 billion," said an advisor at a local bank.
"The industrial sector is showing a significant paradigm shift away from conventional banking to Islamic finance," said Meezan Bank General Manager Najmul Hassan.
-By Haris Zamir, contributing to Dow Jones Newswires, 92-300-923-6693, zamir.haris@gmail.com
(END) Dow Jones Newswires
December 10, 2007 04:40 ET (09:40 GMT)
