Karachi- Dawood Hercules Chemicals Limited (DHCL) has awarded the mandate for arrangement of PKR 8.5 billion through Shariah compliant facilities to Meezan Bank Ltd and Habib Bank Ltd. This represents the largest amount to be arranged by a corporate in Pakistan through Islamic products. The financing will be arranged through multiple structures each specifically tailored to meet the specific objectives of the Company and institutions extending the facilities. DHCL has awarded the mandate with the objective of converting its financing arrangements to conform to Shariah principles.

In this regard a signing ceremony was held between Meezan Bank, Habib Bank and Dawood Hercules Chemicals Limited at a local hotel here on Monday. The agreement was inked by Irfan Siddiqui, President and CEO Meezan Bank Ltd, Zakir Mahmood President Habib Bank Ltd and Chairman Dawood Group Hussain Dawood. Justice Rtd Taqi Ahmad Usmani was also present on the occasion.