Meezan Bank has partnered with the Pakistan Mortgage Refinance Company to improve access to Shariah-compliant housing finance in Pakistan through a PKR five billion Master Musharakah agreement.

Target Information

Meezan Bank, Pakistan’s premier Islamic bank, has partnered with the Pakistan Mortgage Refinance Company (PMRC), a specialized Mortgage Liquidity Facility established by the State Bank of Pakistan. Recently, they entered into a Master Musharakah agreement designed to bolster the availability of affordable housing finance throughout the country. With an infusion of PKR five billion in concessional funds, Meezan Bank is committed to enhancing access to Shariah-compliant housing finance products at competitive rates. This initiative aims to develop the housing value chain and improve home ownership rates in Pakistan.

The signing ceremony, held at Meezan House in Karachi, saw participation from key executives, including Mr. Irfan Siddiqui, the Founding President and CEO of Meezan Bank, and Mr. Mudassir H. Khan, the Managing Director and CEO of PMRC. Both organizations expressed their dedication to fostering synergy between financial institutions to expedite growth in the housing sector.

Industry Overview in Pakistan

The housing finance sector in Pakistan has long faced challenges, particularly related to liquidity and access to affordable credit. The establishment of PMRC represents a strategic effort to address the liquidity constraints within the mortgage market, maki