Meezan Bank starts disbursement under Low Cost Housing Finance scheme

KARACHI: Meezan Bank Limited has initiated disbursement financing under Prime Minister's Mera Pakistan Mera Ghar, Low Cost Housing Finance scheme.

With this disbursement, Meezan Bank has become the first bank in the country, which disbursed the first two Shariah-compliant housing finance facilities under Prime Minister's Mera Pakistan Mera Ghar, Low Cost Housing Finance scheme.

The first loan was 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 was handed over to Anees and Shahid by Arshad Majeed, Group Head Consumer Finance, Meezan Bank at the State Bank of Pakistan in the presence of 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 that Meezan is delighted to be the first bank in the country to make a disbursement under the Prime Minister's Low-cost housing finance scheme. He said that the basic aim of initiating this financing facility is to contribute towards important sector of housing and construction, which directly and indirectly supports over 40 industries and employs a very large percentage of the unskilled labour of the country.

Copyright Business Recorder, 2020