AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Meezan Bank and Naya Nazimabad have announced a strategic partnership to launch Pakistan’s first Islamic home financing facility for under-construction projects. The initiative, structured under the State Bank of Pakistan’s guidelines, aims to provide Shariah-compliant housing finance to aspiring homeowners.
The collaboration will enable Meezan Bank to offer financing of up to 70% of an apartment’s value, with repayment options extending up to 25 years. This facility is specifically designed for apartment purchases within the Naya Nazimabad community.
The agreement was formalized at a ceremony in Karachi, attended by senior executives from both organizations. Notable attendees included Arif Habib, Chairman of Naya Nazimabad; Irfan Siddiqui, Founding President and CEO of Meezan Bank; and Dr. Syed Amir Ali, Deputy CEO of Meezan Bank.
Naya Nazimabad, developed by Javedan Corporation Limited, is a gated community aimed at middle and upper-middle-income residents in Karachi. The project integrates residential, commercial, and recreational facilities to support a sustainable lifestyle.
Arif Habib highlighted the partnership as a step toward inclusive home ownership, emphasizing the role of Shariah-compliant finance in achieving this goal. He expressed gratitude to Meezan Bank and the State Bank of Pakistan for their support.
Irfan Siddiqui remarked on Meezan Bank’s commitment to innovative financial solutions, noting that this product addresses a significant market gap. He underscored the alignment of the initiative with Islamic finance principles.
The collaboration is seen as a move toward the Government of Pakistan’s affordable housing vision, promoting financial inclusion and Islamic finance participation. The facility also allows homebuyers to avail of tax credits on profit payments.