In Pakistan, Islamic mortgage aims to offer a halal financing solution to Pakistani Muslims and non-Muslims living in Pakistan who wish in the context of Islamic sharia to use Islamic financial products in Pakistan.
Pakistan’s Islamic financial sector is one of the fastest growing sectors and accounts for 6 billion US dollars, or 7.2% of the shares of the national banking system, and will reach 12% of the system in the next three years.
With 75% of Muslims in Pakistan, making Islam the country's predominantly majority religion and the country has 6 fully operational Islamic banks.
Islamic Pakistani banks are serving more than 500,000 customers, and this number continues to increase with the country's population growth and it took time and hard work to convince Pakistani customers of the reliability of the system.
In Pakistan, Islamic mortgage or halal housing finance is huge potential for the country and works through the Diminishing Musharaka where the future home owner participates with the Islamic lender in joint ownership of the property with the result that the agreement consists of a co-ownership and not a loan.
PAKISTAN'S ISLAMIC MORTGAGE LENDERS
PAKISTAN ONLINE SHARIA BANK