Meezan Bank has claimed to become the first bank in Pakistan to disburse the first two Shariah-compliant housing finance facilities to a gardener and a contract employee under Prime Minister’s Mera Pakistan Mera Ghar, Low-Cost Housing Finance scheme.
The facilities were disbursed to Mr. Muhammad Anees who works as a mali and Mr. Muhammad Shahid Khan, a contract employee in a private company. Both Anees and Shahid 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 Mr. Arshad Majeed, Group Head Consumer Finance – Meezan Bank at the State Bank of Pakistan today in the presence of Ms. 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.
Irfan Siddiqui, President, and CEO of Meezan Bank said,
We are delighted to be the first bank in the country to make a disbursement under the Prime Minister’s Low-cost housing finance scheme and look forward to contributing towards this important sector which directly and indirectly supports over 40 industries and employs a very large percentage of the unskilled labor of the country.
The government along with SBP and commercial banks launched a low-cost housing scheme recently. Various banks claim that housing finance is available to people of the lower middle class across the country with an easy and lowest investment of Rs. 12, 000 to Rs. 15,000 for the period of 20 years depending on the value of the housing unit.
The financing is available for the construction of a house and the purchase of a housing unit. It is expected that a significant population can own a house while getting financing from the commercial banks and pay the monthly installments as if monthly rent.