Karachi: Meezan Bank Limited (MBL), one of Pakistan’s leading Islamic banks, has partnered with Naya Nazimabad, a flagship housing and lifestyle project in Karachi, to introduce a first-of-its-kind Shariah-compliant housing finance facility for under-construction projects.
The collaboration will provide financing of up to 70% of the apartment value, with repayment tenures extending up to 25 years. The facility has been structured under the State Bank of Pakistan’s (SBP) guidelines to ensure compliance with Islamic finance principles while promoting affordable home ownership.
The memorandum of understanding (MoU) signing ceremony was held in Karachi, attended by senior leadership from both organizations, including Arif Habib, Chairman of Naya Nazimabad, and Irfan Siddiqui, President & CEO of Meezan Bank Limited. The partnership aims to provide Pakistanis access to secure, Shariah-compliant home financing within a master-planned, gated community.
The proposed facility will be available for apartment purchases within Naya Nazimabad, which is developed by Javedan Corporation Limited. The community combines residential, commercial, recreational, and social amenities to promote sustainable and integrated urban living.
Speaking at the ceremony, Arif Habib said, “Our vision for Naya Nazimabad has always been to create an inclusive, self-sustained community where home ownership is within reach for hardworking Pakistanis through innovative Islamic finance products. This partnership with Meezan Bank brings us closer to that goal.”
The initiative is expected to enhance financial inclusion by offering convenient, Shariah-compliant financing solutions for middle- and upper-middle-income families, aligning with Pakistan’s broader efforts to expand access to affordable housing.
The State Bank of Pakistan provided guidance for the launch of the facility, which is positioned as the first Islamic home financing option in the country specifically for under-construction projects, highlighting a growing trend in ethical and compliant financial services.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
