BankIslami Launches Home financing product “MUSKUN”

3rd May 2007: BankIslami launches MUSKUN with the disbursement to its first customer. BankIslami’s MUSKUN is the simplest and the most convenient Shariah compliant way to own a home.

Endorsed by the reputable Shariah Supervisory Board, MUSKUN is a personalized financing plan that brings to the home of one’s choice within one’s reach.

BankIslami is the first bank to have launched a home financing product which would be available for income groups as low as Rs. 15,000/- per month. An added attraction is that the product is available for all areas i.e. There are no negative areas.

Speaking on the occasion President and CEO Mr. Hasan A. Bilgrami said that “Introduction of MUSKUN is a step in the direction of offering personalized Shariah compliant products to all the financial strata.

With the launching of MUSKUN BankIslami has added another milestone in its Shariah compliant product menu. BankIslami is all geared up to become the leading service provider in authentic Islamic Banking reaching out to the masses with 28 branches by end of the year”.

Currently, it is only to be availed in Karachi. We expect to launch this product nationally Inshallah very soon.

Initially, we are dealing with home purchace (purchasing a residential property) and replacement (transfering a conventional mortgage to Islamic). Some salient features of MUSKAN are:

– All income groups above 15k are eligible to apply
– There are no negative area and professions
– Quick processing
– Financing up to 80% of the value of the property
– Financing limit 50 Million
– Tenor up to 20 years
– No Pre Payment Penalty after One Year
– Flexible & affordable installaments with reducing rentals
– Clubbing of family income
– Special financing available for Non-Residents Pakistanis (NRPs)

For more information please contact our 24/7 Phone Banking at 111-BIP (247)-111 or 111-ISLAMI (111-475-264)