Under-construction projects: MBL and Naya Nazimabad partner to launch Islamic housing finance

KARACHI: Meezan Bank Limited (MBL), Pakistan’s leading Islamic bank, and Naya Nazimabad, a flagship housing and lifestyle project, have entered into a landmark collaboration to introduce Meezan Islamic Housing Finance for Under-Construction Projects — a first-of-its-kind Shariah-compliant home financing facility structured under the State Bank of Pakistan’s (SBP) guidelines.

This strategic partnership marks a major milestone in expanding access to affordable, and Shariah-compliant housing finance for Pakistanis aspiring to own a home within a secure, master-planned community. Through this collaboration, Meezan Bank will offer financing of up to 70% of the apartment value, with repayment tenures extending up to 25 years, tailored specifically for apartment purchases within Naya Nazimabad.

The MoU signing ceremony was held on October 17 in Karachi, bringing together the senior leadership of both organizations, including Arif Habib (Chairman, Naya Nazimabad) and Irfan Siddiqui (President & CEO, Meezan Bank Limited), along with key executives from the Arif Habib Group, and Meezan Bank.

Speaking at the ceremony, Arif Habib, Chairman, Naya Nazimabad, said, “Our vision for Naya Nazimabad has always been to create an inclusive, self-sustained community where home ownership is within reach for every hardworking Pakistani through innovative Islamic Finance Product.”

Irfan Siddiqui, President & CEO, Meezan Bank Limited, added, “Meezan Bank has always been at the forefront of developing innovative Shariah-compliant financial solutions. We are pleased to partner with Naya Nazimabad on Pakistan’s first Islamic housing finance product for under-construction projects — a breakthrough that addresses a long-standing gap in the market.”

Copyright Business Recorder, 2025