Meezan Bank and Naya Nazimabad have joined hands to introduce Pakistan’s first Shariah-compliant Islamic home finance for under-construction projects, a product structured in accordance with State Bank of Pakistan guidelines. The move is aimed at increasing access to ethical and affordable housing finance for urban middle and upper-middle-income families.
The facility offers financing of up to 70 percent of the apartment value with repayment tenures extending up to 25 years, specifically tailored for apartments within the master-planned Naya Nazimabad community. By enabling staged financing during construction, the Islamic home finance product addresses a long-standing gap in the market for buyers seeking Shariah-compliant options before project completion.
The memorandum of understanding was signed on October 17, 2025 in Karachi in the presence of senior leadership from both organisations, including Arif Habib, Chairman of Naya Nazimabad, and Irfan Siddiqui, President & CEO of Meezan Bank Limited. Speaking at the ceremony, Mr. Arif Habib said the partnership will help make home ownership more achievable within a secure, integrated community, while Mr. Irfan Siddiqui emphasised Meezan Bank’s commitment to innovative Shariah-compliant solutions that expand financial inclusion.
Developed by Javedan Corporation Limited, Naya Nazimabad is a gated, master-planned neighbourhood designed to combine residential, commercial and recreational amenities for a sustainable lifestyle. The new Islamic home finance offering aligns with the Government of Pakistan’s focus on affordable housing and supports wider participation in Islamic finance through collaboration between developers, banks and homeowners.
Buyers in Naya Nazimabad will benefit not only from up to 70 percent financing and long tenures but also from tax credit on profit payments where applicable, further enhancing affordability. The launch of this Islamic home finance product is expected to enable more Pakistani families to realise the goal of owning a home in a Shariah-compliant manner while following SBP regulatory safeguards.
