May 04, 2007	Friday	Rabi-us-Sani 16, 1428

KARACHI, May 3: The BankIslami on Thursday launched Muskan home financing which will be the first of its kind as it offers loans to low income group.A press release issued by the bank said that home financing would be available for all areas and no area has been marked as ‘negative.’

A number of banks have marked a number of areas in Karachi as negative and no loans are available for residents of the marked areas.

It is not only the loans but even credit cards are not available in these ‘negative’ areas.

The BankIslami said financing for Muskan is simple and Shariah compliant. It said the income group whose monthly income is Rs15,000 will be able to avail the home financing.

The president and CEO of the bank Hasan A. Bilgrami said that the introduction of Muskan was a step in the direction of offering personalised Shariah compliant products to all the financial strata.