Meezan Bank becomes pioneer in Sharia financing for low cost housing

Meezan Bank becomes pioneer in Sharia financing for low cost housing

KARACHI: Meezan Bank has become the first financial institution in the country to disburse the first two Shariah-compliant housing finance facilities under Prime Minister’s Mera Pakistan Mera Ghar, Low Cost Housing Finance scheme, a statement said on Monday.

The facilities were disbursed to Muhammad Anees, who works as a Gardener (Mali) and Muhammad Shahid Khan, a contract employee in a private company. Both the individuals will use the funds to build homes for their families on small plots of land that they own.

Disbursement Advice for the financing were handed over to Anees and Shahid by Arshad Majeed, Group Head Consumer Finance- Meezan Bank at the State Bank of Pakistan (SBP) on Friday October 16, 2020 in the presence of Ms. Sima Kamil, Deputy Governor, State Bank of Pakistan, Syed Samar Hasnain, Executive Director, State Bank of Pakistan and Irfan Siddiqui, Founding President & CEO, Meezan Bank.

Speaking at the occasion, Irfan Siddiqui said: “We are delighted to be the first bank in the country to make a disbursement under the Prime Minister’s Low-cost housing finance scheme and look forward to contributing towards this important sector which directly and indirectly supports over 40 industries and employs a very large percentage of the unskilled labour of the country.”

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