Dolmen Group, HBL to develop construction & housing sectors

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Nadeem Riaz, Chairman & CEO, Dolmen Group (left) & Muhammad Aurangzeb, President & CEO, HBL (right) signing the MoU between the two organizations.

KARACHI: The Dolmen Group and HBL’s Islamic Banking arm have signed a Memorandum of Understanding (MOU). The MOU was signed in Karachi by Nadeem Riaz, Chairman & CEO -Dolmen Group and Muhammad Aurangzeb, President & CEO – HBL.

HBL and Dolmen Group have entered into a strategic partnership to develop innovative financial solutions. Under the MOU, HBL’s Islamic Banking team will work on offering unique banking solutions to Dolmen Group, its customers, its retailers and its affiliates to cater to their financial needs. This will include, but is not limited to, providing developer financing to purchasers of Dolmen Group’s residential developments, and consumer financing to its customers on preferential rates.

Under this arrangement, HBL Islamic Banking and Dolmen Group have agreed to develop unique products that can benefit the end customers of both parties. HBL will also work on developing new concepts and ideas to increase Islamic Banking awareness and market space, for which Dolmen Group will be enabling time to time promotions and advertising of HBL’s Shariah-compliant products.

“This is a natural partnership between two of the most trusted brands in their respective areas to the benefit of the industry and the end consumer. It will provide greater accessibility to quality residential developments particularly for salaried individuals and young entrepreneurs. It will also grow the retail market with the introduction of technology led payment solutions and loyalty programs. HBL’s market position and vision for the future will be a key enabler in helping us achieve these goals.” – Nadeem Riaz, Chairman & CEO Dolmen Group.

Commenting on this strategic partnership, Muhammad Aurangzeb, President & CEO – HBL said, “This agreement will enable HBL to support the construction industry while benefitting the very end consumer through customized product propositions. Simultaneously, this will help increase the market space for Shariah-compliant products. HBL recognizes the pioneering role, such as the launch of the first Islamic REIT in the country, being played by the Dolmen Group in spearheading the two strategic imperatives of Construction & Housing Finance and Islamic Banking solutions.”

The Dolmen Group is the pioneer of shopping malls and office complexes in Pakistan. The Group is now expanding its presence into residential developments. HBL is Pakistan’s largest bank. The Bank’s national presence, largest distribution network, effective Islamic Banking arm and investment in technology and talent, enables it to undertake this task of strategic importance.