Everyone wants to live in the best place that is comfortably affordable. This means being able to cope with other financial commitment, while still having money left over for extras and unexpected expenses. Askari Islamic Banking is pleased to offer Shariah Compliant Home Financing. We facilitate you to Purchase, Construct, Improve and Transfer of the property through Diminishing Musharakah.

Askari Home Musharakah (For Buying, Construction, Renovation of private residential real estate/property and Balance Transfer Facility).

Product Purpose
Home Buying: Purchase of already constructed house on Diminishing Musharakah basis
Home Construction:
  • Purchase of land and subsequent construction thereon
  • Construction of house on already owned land
  • Additional Construction on already constructed house

Construction is to be completed within 18 months from the date of disbursement of the first tranche

Home Renovation Renovation, extension, restoration and enhancement of an already owned housing unit
Home Balance Transfer Facility (BTF): Taking over the existing house finance facility obtained by the customer from other financial institutions. Only Principal Amount will be taken over
How It Works?
  • Joint ownership is created in the property between Bank & Customer on the basis of Shirkat ul Milk)
  • Bank’s share is divided into units and is given to the client on rent
  • Client promises to purchase Bank’s share (units) over the tenure of transaction
  • Client purchases the units every month and will eventually become the owner of the property
  • Rental amount is adjusted according to the bank’s share (units) remaining in the Musharakah property
Underlying Islamic Mode: Diminishing Musharakah
  • Shariah Compliant
  • Prompt Processing Time
  • Competitive Rentals
  • Clubbing of Family Income


Financing Limits of the Products Minimum Finance Maximum Finance
Home Buying Rs. 0.300 Upto Rs.50 M
Home Construction (plot purchase + Construction) Rs. 0.300 Upto Rs.30 M
Home Renovation Rs. 0.300 Upto Rs.10 M
Home BTF Rs. 0.300 Upto Rs.50 M


Product Minimum Tenor Maximum Tenor *Grace Period for Unit Purchase (Principle) only
Home Buying 1 year 20 years nil
Home Construction (plot purchase + Construction) 1 year 20 years 18 months
Home Renovation 1 year 10 years 6 months
Home BTF 1 year 20 years 6 months

*Rent will be paid during the grace period.


Customers Individuals (salaried, business persons/self-employed persons)
Security/Collateral: Registered/ Equitable Mortgage with token registered mortgage of property owned/ purchased by main applicant/co-applicant
  • Rental (profit): Monthly, in arrear
  • Unit (principal): Monthly in arrear (except for grace period scenario)
Financing Limit (Equity Participation):
  • Minimum Investment of Customer: 15% of FSV of property
  • Maximum Investment of Bank: 85% of FSV of property
Pre-Payment Profit: Allowed with 3% profit (in case the value of property appreciates and Nil if it decreases or remains the same)
  • Must be a Pakistani National
  • The facility shall be made available at Metropolitan areas of all those cities where Islamic Banking Branches are located/or as approved by Bank
  • Debt Burden Ratio (DBR) not to exceed 50% of the monthly net take home income
  • Debt Burden Ratio (DBR) incase of co-applicant not to exceed 50% of the total net take home “clubbed income”
  • For Salaried individuals: Confirmed regular employee with six months of service with present employer
  • For Business/Self-employed persons: At least 3 years in current business
  • Age For Salaried individuals: 21 years upto 60 years*
  • Age For Business/Self-employed Persons: 21 years upto 65 years*
  • (* Maximum age at the time of maturity of the Musharakah tenure)
  • (Age Relaxations: Only in case of co-applicant, relaxation in the age factor upto 75 years may be allowed by the Bank)
  • Co-applicant option is offered in order to facilitate our valued customers, enabling them to meet the minimum criteria required to qualify for Askari Home Musharakah. This will also help the customers paying the monthly instalments
  • This aspect covers minimum income and age criteria. This option may be offered to “first blood” relations, i.e. parents and husband/wife.

For Business/Self-employed Individuals

  • Copy of CNIC
  • 2 Pass port size photographs
  • Copy of rental documents (if applicable)
  • Copy of last paid utility bills (electricity/gas/telephone)
  • Bank statement (last 6 months)
  • Copy of management accounts (if applicable )
  • 3 years proof of business (e.g. tax returns/bank certificate)
  • Partnership deed (in case of partnership)
  • Professional association membership certificate/practice license


For Salaried Individuals

  • Copy of CNIC
  • 2 passport size photographs
  • Copy of rental documents (if applicable)
  • Copy of last paid utility bills (electricity/gas/telephone)
  • Bank statement (last 6 months)
  • Original or certified copy of recent pay slip
  • Employers certificate including date of joining/current designation/salary
What is Ijarah? Ijarah is a rental agreement, under which the usufructs of an asset is transferred to the client on pre-agreed terms and conditions. It is a Shariah Compliant mode of finance, adopted by Askari Ikhlas Islamic Banking to meet the Car Financing needs of its valued customers.
Why Askari Ijarah Bis Sayyarah? We are Shariah Compliant and market competitive. Askari Ikhlas Islamic Banking deals in all kinds of new, used, locally assembled, as well as imported vehicles. Terms and conditions we offer are most flexible, with prompt processing time. Moreover, in order to enhance customers’ convenience, we offer family income evaluation plan, where our valued clients can also avail Ijarah Bis Sayyarah facility for more than one vehicle.
Name of Product Askari Ijarah Bis Sayyarah (Islamic Car Leasing for both new and used, locally manufactured vehicles)
Underlying Mode: Ijarah
  • Prompt processing time
  • Facility to acquire more than 1 vehicle
  • Family income evaluation plan
  • Available for local, brand new and used vehicles
  • Lowest security deposit
  • Lowest processing charges/no hidden charges
  • Ijarah facility tenure 1 to 5 years for up to 1000cc vehicles and 1 to 3 years for above 1000 cc vehicles
  • No rentals before delivery of vehicle
  • No upfront registration charges/takaful (insurance) premium
  • No rental payment in case of total loss or theft of vehicle
Tenors: 1-3 years above 1000 cc vehicles and 1-5 years up to 1000 cc vehicles. The used vehicle should not be older than 07 years at the time of commencement of Ijarah and shall not be more than 10 years at the time of maturity of Ijarah
Customers: Individuals (salaried, business persons/self-employed persons)
  • Exclusive ownership of vehicle in the name of the Bank
  • Personal guarantee
  • Security deposit – New vehicle
    • Car/Jeep (local) – Minimum: 30%
  • Security deposit – Used vehicle
Description Min. Security Deposit: Locally Manufactured
Same year model (not older than 1 year) 30%
2 years older 30%
3 years older 30%
4 years and above 30%
Repayment: Monthly Ijarah Rental Payments, in arrear
  • Must be a Pakistani National
  • Earning at least three times more than monthly car Ijarah rental
  • Between 21 to 62 years (for salaried class), and 21 to 65 years (for business persons/self-employed professionals) of age, at the time of maturity of Lease Period
  • Employment experience of minimum 6 months in current organization
  • Being in current business for at least 1 year

For Business Persons

  • Copy of CNIC
  • Two recent passport size colored photographs
  • Last six months Bank statement(s)
  • Residential utility bills (as a proof of residence)
  • Business proof required
  • Copy of valid driving license (optional)
  • Two references alongwith copies of CNIC
  • Bank’s signature verification form


For Salaried Persons

  • Copy of CNIC
  • Two recent passport size colored photographs
  • Last six months Bank statement(s)
  • Residential utility bills (as a proof of residence)
  • Employment Certificate
  • Copy of valid driving license (optional)
  • Two references alongwith copies of CNIC
  • Bank’s signature verification form
  • Last 3 months salary slips


For Self-Employed Persons

  • Copy of CNIC
  • Two recent passport size colored photographs
  • Last six months Bank statement(s)
  • Residential utility bills (as a proof of residence)
  • Copy of professional degree/certificate
  • Copy of valid driving license (optional)
  • Two references alongwith copies of CNIC
  • Bank’s signature verification form

When does the rental start In Askari Ijarah Bis Sayyarah?
As Ijarah, by definition, is “rental paid for the usufruct of an asset” hence, rental payment always starts with delivery of the vehicle to the user, unlike conventional lease, where lease installments start right after the payment to the vendor by the lessor.

What are the respective roles of both parties under Ijarah?
In Ijarah, as Bank is the owner of the vehicle and only transfers its usufruct to the customer, hence, customer is responsible for any risks and liabilities attached to the usage of the vehicle, while risks relating to ownership remain with the Bank throughout the Ijarah period.

Description Responsibility
Expenses related to ownership Bank
Expenses related to use of asset Client
Risk associated with ownership Bank
Risks associated with use of asset Client
Third party liability in case of accident Client
Expenses and risks associated with ownership but caused due to gross negligence Client

Is there any penalty involved if one fails to pay the rental on time?
In Ijarah, nominal additional charges are taken by the Bank due to any delay in rental installment(s) by the customer, which are used for “charity” purposes, rather than going into the income of the Bank, as it is done in the case of conventional lease This concept of charging “penalty” is approved by the contemporary Shariah Scholars to allow the Banks to safeguard themselves against the “habitual defaulters”

What if any mishap happens to the vehicle?
If the vehicle is stolen or destroyed in any mishap, unlike conventional lease, Ijarah rentals will not be charged, and security is refundable in this case However, this is subject to there being no misconduct, or negligence, on part of the client

How the client becomes owner of the vehicle?
Once the client successfully pays all Ijarah rentals, Bank gives him/her the option to become the owner of the vehicle, by purchasing it against the security already deposited with the Bank

Note: Fresh applications in MPMG scheme are on Hold as per SBP instructions till further guidelines.

Askari Ikhlas Islamic Banking offers Government’s Rental Rate Subsidy Scheme for Housing Finance.

Purpose of Finance

  • First purchase of a newly constructed residential property (Apartment/ Flat/ House)
  • Purchase of plot + construction
  • Construction of housing unit on already owned plot
  • Expansion/ Extension of existing Housing Unit
Size of Unit Tier 1 (NAPHDA Projects only)
Housing Units/Flats/Apartments of up to 125 sq. yards (upto 5 Marla) with covered area of up to 850 square feet.
Tier 2 (Non-NAPHDA Projects)
(a) House upto 125 sq yds (5 Marla) and (b) flat/ apartment with maximum covered area of 1,250 sq ft.
Tier 3 (Non-NAPHDA Projects)
(a) House upto 250 sq yds (10 Marla) and (b) flat/ apartment with maximum covered area of 2,000 sq ft.
(NAPHDA – Naya Pakistan Housing & Development Authority)
Maximum Price of Housing Unit Maximum price (Market Value) of a single housing unit at the time of approval of financing, shall be as follows:
Tier 1 (T1) – Rs 3.5 million
Tier 2 (T2) – No cap
Tier 3 (T3) – No cap
Maximum Finance Amount Tier 1 (T1) – Rs. 2.7 Million
Tier 2 (T2) – Rs. 6.0 Million
Tier 3 (T3) – Rs. 10.0 Million
Description Tenor
Upto 15 Years
Exceeding 15 Years
Tier – 1 1 to 5 years – 2%
6 to 10 years – 4%
11 to 15 years – 5%
Market rate i.e. bank pricing will be applicable for the period exceeding 15 years
Description Tenor
Upto 10 Years
Exceeding 10 Years
Tier – 2 First 5 years – 5%
Next 5 years – 7%
Market rate i.e. bank pricing will be applicable for the period exceeding 10 years
Tier – 3 First 5 years – 7%
Next 5 years – 9%
Financing Tenor Minimum 5 years and maximum 20 years financing tenor, depending upon choice of customers.
Age of Housing Units Newly constructed housing units during last one year from the date of application. However, this requirement will not be applicable till March 31, 2023 under Tier 2 and Tier 3
Approved Cities Whole of Pakistan

To see list of designated branches, please click here

For queries and information, please call Askari Bank’s Voice & Virtual Center at 111-000-787 or Pakistan Banks Association’s Joint Voice & Virtual Center at 0337-7786786

Basic Eligibility Criteria

  • All men/women holding valid CNIC
  • First time home owner
  • One individual can have subsidized house finance facility under the scheme only once

Key Qualification Criteria

Parameters Details
Monthly Income
  • Permanent Salaried Employees including Govt. Employees / Pensioners
  • Contractual Employees
  • Average Monthly Balance for Self Employed Individuals


Income Estimation for Salaried and Non Salaried
  • Salaried
    Pay slip/employee letter/ Banks various proxy methods
  • Non Salaried
    Banks various proxy methods
Early Payment/ Unit Purchased Allowed. Moreover, bank will not charge any early payment charges.
Payment Frequency Monthly
Processing Fee Rs. 6,000/-
External Agency dues At Actual
Property Takaful As per Bank policy
  • Specific Application Form of this Product
  • Copy of Valid CNIC
  • Salary Slip/ Proof of Income
  • Last 6 months Bank Statement
  • Copies of Title Documents
  • Any other document required by Bank

For further details please contact our help line 051-111-000-787, visit our branch or web site

Approximate Monthly Payments*
Financing amount Rs. 10 Lakhs Rs. 20 Lakhs Rs. 30 Lakhs Rs. 40 Lakhs Rs. 50 Lakhs
Monthly payment 6,600 13,199 19,799 31,012 38,765
(Monthly payments mentioned above are for first 5 years, based on 20 years financing period)
*Terms & conditions apply
  • Application Form – Salaried (English)
  • Application Form – Salaried (Urdu)
  • Application Form – SEB/SEP  (English)
  • Application Form – SEB/SEP  (Urdu)