Meezan, Chapal Builders sign MoU

KARACHI: Meezan Bank has recently signed a memorandum of understanding (MoU) with Chapal Builders and Developers to offer Shariah-compliant housing finance solutions to its customers, a statement said.

Under this MoU, the bank would provide up to 75 percent 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 would 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.

Speaking at the MoU signing ceremony, Arshad Majeed - group head consumer finance, Meezan Bank said: “Meezan Bank, in an endeavour to support the country’s construction sector is 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.”