Meezan Bank & Naya Nazimabad partner to launch Pakistan’s first Islamic home financing for under-construction projects

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 Friday, October 17, 2025, in Karachi, bringing together the senior leadership of both organizations, including Mr. Arif Habib (Chairman, Naya Nazimabad) and Mr. Irfan Siddiqui (President & CEO, Meezan Bank Limited), along with key executives from the Arif Habib Group, and Meezan Bank.
Naya Nazimabad, developed by Javedan Corporation Limited, is a master-planned, gated community designed for integrated living for the middle and upper-middle-income strata 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, 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. This partnership with Meezan Bank brings us one step closer to realizing that dream – offering a Shariah-compliant, affordable, and convenient financing solution that aligns with our commitment to ethical development and financial inclusion. We are proud to pioneer this initiative and grateful to Meezan Bank and the State Bank of Pakistan
for their guidance and support for launching this facility which is first in Pakistan.
Mr. 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. This initiative will enable more families to fulfill their dream of owning a home, in a manner fully aligned with the principles of Islamic finance.”
This collaboration also represents a key step toward realizing Government of Pakistan’s vision for affordable housing, promoting financial inclusion, and fostering greater participation in Islamic finance through innovative partnerships between developers, financial institutions and homeowners. The home buyers can also avail tax credit on their profit payment on these financing.