Meezan Bank Limited (MBL), Pakistan’s leading Islamic bank, and Naya Nazimabad, a flagship housing and lifestyle project, have entered into a landmark partnership to introduce Meezan Islamic Housing Finance for Under-Construction Projects. This is the first Shariah-compliant home financing facility of its kind in Pakistan, structured in accordance with the State Bank of Pakistan’s guidelines.
This strategic collaboration represents a major step forward in expanding access to affordable, Shariah-compliant housing finance. It aims to support Pakistanis aspiring to own a home within a secure, master-planned community. Meezan Bank will offer financing of up to 70% of the apartment value, with repayment tenures extending up to 25 years. This facility is specifically tailored for apartment purchases within the Naya Nazimabad project.
The Memorandum of Understanding (MoU) signing ceremony took place on Friday, October 17, 2025, in Karachi. Senior leadership from both organizations attended the event, including Mr. Arif Habib, Chairman of Naya Nazimabad, and Mr. Irfan Siddiqui, President & CEO of Meezan Bank Limited, along with key executives from the Arif Habib Group and Meezan Bank.
Naya Nazimabad, developed by Javedan Corporation Limited, is a gated, master-planned community designed for integrated living, primarily catering to the middle and upper-middle-income segments of Karachi. The project combines residential, commercial, recreational, and social amenities to promote a healthy and sustainable lifestyle.
Speaking at the ceremony, Mr. Arif Habib 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 products. This partnership with Meezan Bank brings us closer to realizing that dream by offering a Shariah-compliant, affordable, and convenient financing solution. We are proud to pioneer this initiative and grateful to Meezan Bank and the State Bank of Pakistan for their guidance and support.”
Mr. Irfan Siddiqui, President & CEO of 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 market gap. This initiative will enable more families to fulfill their dream of owning a home in a manner fully aligned with Islamic finance principles.”
This partnership also aligns with the Government of Pakistan’s vision for affordable housing, financial inclusion, and the growth of Islamic finance. Additionally, homebuyers availing this facility will benefit from tax credits on profit payments, further supporting their financial wellbeing.