Meezan Bank Limited and Arif Habib Group in Alliance to Build and Sell Apartment Towers

The Arif Habib Group and Meezan Bank Limited will build residential buildings in Naya Nazimabad, according to a news source.

Both companies have formed a strategic alliance to build and eventually sell residential projects. This agreement would also allow clients to choose MBL’s Shariah-compliant home finance services.

With Meezan Bank’s Musharakah deal with the Global Residency REIT, three residential towers with 408 two-bedroom units will be built.

The construction of the skyscraper has begun and is scheduled to be finished within the next 18 months.

Furthermore, Meezan Bank will contribute 50% of the equity in three of the nine buildings being built by the GRR under the Musharakah agreement.

MBL and GRR will each contribute 50% of the cost of these flats. Finally, the necessary permissions from the SECP and SBCA have been obtained.