Public Auction of Residential House in Green Forts 2, Lahore by Dubai Islamic Bank (Pakistan) Limited

Dubai Islamic Bank (Pakistan) Limited is auctioning a mortgaged residential property under Section 15 of the Financial Institutions (Recovery of Finance) Ordinance, 2001, to recover outstanding mortgage money. The property consists of land and building at House No. 109, Ravi Block, Green Forts 2, Farm Housing Scheme, Lahore, measuring 4 kanals and 11 square feet. It is owned by Mr. Daniyal Arif, son of Muhammad Arif Sheikh. The reserve price is PKR 126,743,670, and bids below this amount will not be accepted.

The auction will take place on 9 November 2026 at 11:30 AM at the SAM Department, Dubai Islamic Bank, 70-Z, DHA Phase-3, Lahore. Members of the general public may participate by depositing PKR 500,000 as earnest money before bidding begins, together with a copy of their CNIC. Payment may be made in cash or by pay order in favour of the auctioneer bank. Earnest money will be refunded to unsuccessful bidders.

The highest bidder will be declared the successful purchaser. The purchaser must deposit at least 25% of the bid amount within two business days of the auction. The remaining balance must be deposited within fifteen days from the auction date or initial deposit. Failure to pay within the prescribed period will result in forfeiture of earnest money, adjustment of deposited amounts against the borrower’s liability, and re-auction of the property.

The property will be sold on an “as is, where is” basis. Its description is based on mortgage deeds and related documents, and the bank accepts no responsibility for errors in those particulars. The purchaser must pay all applicable duties, transfer fees, registration fees and Federal/FBR taxes connected with transfer and registration. The bank may adjourn, postpone or cancel the auction at any stage without assigning reasons.

If no bid is received, the auction will be cancelled and repeated. If three auctions receive no bids, the bank may, at its discretion and with due notice to the mortgagors, purchase the property at 10% above the reserve price under Section 15(6). The auction will follow the guidance of the bank’s Shariah Desk.

The mortgagors are M/s. Artema Medical, through its authorized officers or partners, and Mr. Daniyal Arif. Outstanding mortgage money as at 31 January 2026 was PKR 209,817,931.73, with applicable costs and cost of funds additionally payable. Liability was determined by Fazal Mahmood & Company, Chartered Accountants, in its report dated 6 February 2026.

Further information is available from the SAM Department at 70-Z, DHA Phase-III, Lahore. Contact Mr. Fawaz Ghafoor, Regional Head SAM, on 0300-4268665, or Mr. Javed Shahzad, AVP SAM, on 0333-4466807. The bank’s general contact number is 111-786-342.