KARACHI: Meezan Bank has recently signed a Memorandum of Understanding with Chapal Builders and Developers, a renowned real estate development group in the country, to offer Shariah-compliant housing finance solution to its customers.
Under this MoU, the bank will provide up to 75% house financing based on Diminishing Musharakah for a maximum tenure of 25 years to the customers who intend to purchase villas in Chapal Uptown with an upfront of Rs1.5 million. This strategic partnership will enable the bank to access larger business volume while enabling both the parties to achieve clear economies of scale.
Meezan Bank is also providing house financing for Chapal Courtyard Apartments, another flagship residential project by the builder.
The signing ceremony took place at the launch of Chapal flagship residential project by the name of Chapal Uptown, strategically located in Sector No. 69, Scheme 45, Karachi.
The project comprises 259 luxury villas in a secure and gated residential community with state-of-the-art amenities.
Speaking on the occasion, Arshad Majeed, group head of consumer finance at the Meezan Bank, said that Meezan Bank, in an endeavor to support the country’s construction sector, was expanding its Shariah-compliant product suite to reach different categories of customers.
“We are hopeful that our agreement with Chapal Builders will facilitate easy and convenient financing for those wishing to purchase a residential unit in this project on competitive terms,” he added.
Furthermore, in order to support the Prime Minister’s vision of providing low-cost housing facility for the masses, the Bank is also working towards developing specialized Shariah-compliant solutions for its customers.
Hanif Chapal, the sole proprietor of Chapal Builders, said that Chapal was pleased to have Meezan Bank as its banking partner.
Copyright Business Recorder, 2021
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