Meezan Bank, Pakistan’s leading Islamic bank, has announced a groundbreaking collaboration with Naya Nazimabad, a flagship housing and lifestyle project developed by Javedan Corporation Limited, to introduce the country’s first Shariah-compliant home financing solution for under-construction properties. The initiative, titled Meezan Islamic Housing Finance for Under-Construction Projects, has been structured under the guidelines of the State Bank of Pakistan (SBP) and represents a significant leap forward in expanding access to Islamic housing finance across the nation.
This strategic partnership marks a major milestone in Pakistan’s real estate and banking sectors, offering a financial solution that aligns affordability, accessibility, and Shariah compliance. Through this collaboration, Meezan Bank will provide financing of up to 70% of an apartment’s value, with repayment tenures extending up to 25 years. The facility is specifically tailored for apartment purchases within Naya Nazimabad, enabling prospective homeowners to benefit from long-term, ethical financing options in a modern, master-planned community.
The signing ceremony for the Memorandum of Understanding (MoU) took place on October 17, 2025, in Karachi, bringing together senior leadership from both organizations. The event was graced by Mr. Arif Habib, Chairman of Naya Nazimabad and the Arif Habib Group, along with Mr. Irfan Siddiqui, Founding President and CEO of Meezan Bank, and Dr. Syed Amir Ali, Deputy CEO of Meezan Bank. Key executives from the Arif Habib Group and Meezan Bank were also present to witness this landmark partnership aimed at shaping the future of Islamic housing finance in Pakistan.
Naya Nazimabad, known for its visionary approach to urban development, is a master-planned, gated community designed for the middle and upper-middle-income segments of Karachi. It offers an integrated living experience with residential, commercial, recreational, and social amenities. The project emphasizes sustainability, community engagement, and quality urban living, providing residents with a secure and modern lifestyle. The inclusion of an Islamic housing finance option through Meezan Bank further enhances the project’s appeal, making it an ideal choice for families seeking both financial and spiritual peace of mind.
This collaboration reflects Meezan Bank’s continued leadership in pioneering Shariah-compliant financial products and promoting ethical banking in alignment with Islamic principles. The introduction of this facility under SBP’s regulatory framework underscores the growing role of Islamic banking in facilitating economic inclusion and promoting responsible lending practices. It also aligns with Pakistan’s broader vision of increasing home ownership through structured, interest-free financial solutions that cater to the evolving needs of urban populations.
Industry experts have hailed the partnership as a timely development in Pakistan’s financial landscape, particularly at a time when affordable housing and sustainable financing remain key priorities for both public and private sector institutions. By merging financial innovation with responsible housing development, Meezan Bank and Naya Nazimabad are setting a new benchmark for Islamic home financing in the region.
The launch of Meezan Islamic Housing Finance for Under-Construction Projects represents not only a milestone for both organizations but also a step forward in empowering individuals and families to achieve their dream of home ownership in a Shariah-compliant manner.
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