ISLAMABAD: The PTI government is considering the option of introducing Sharia compliant financial and banking model for Naya Pakistan Housing Project, sources said.
Prime Minister Imran Khan has been advised by different people that he should avoid interest, riba-based conventional mortgage system for the housing scheme as it is strictly prohibited in Islam and is considered a major sin.
Adviser to Prime Minister on media Iftikhar Durrani confirmed to the media that Sharia compliant Islamic mortgage option is being discussed and considered for the Naya Pakistan Housing Project in Pakistan. He disclosed that for the poor and oppressed, the government is considering Islamic Akhuwat model which is practiced in Pakistan by a private organisation and does not involve in any interest. Durrani said that the consideration is to finance almost one million houses under Akhuwat model.
Under the proposed model, a private organisation provides interest-free housing loan and provide financing facility for renovation of houses, construction of damaged portions, roofs, walls and other parts of the house. These loans are given to those poor families who occupy piece of land or house up to five Marlas and their family size increases up to or above eight individuals in a household.
