Saturday, July 20, 2024

Here’s How to Get Interest (Riba) Free Loans in Pakistan


According to Shariah terminology, the word “Riba” is accurately construed as any additional remuneration without due consideration because it denotes “excess, increase, or addition”. All Islamic scholars agree that this interpretation of Riba—which is based on the Quran—is correct.


Term interest first appeared in the 17th century, at the same time that the global banking system was beginning to take shape. Interest refers to the providing and/or receiving of any additional sum in return for a loan or debt. As a result, it has the same significance and value as Riba. Furthermore, “the loan that draws interest is Riba,” according to the narration.

Here’s how to get interest (riba) free Loan In Pakistan:

List of Interest-Free Loan Providers:

1: Pakistan Poverty Alleviation Fund:

One of the key elements of the Government of Pakistan-funded National Poverty Graduation Initiative is the interest-free loan program. Through the loan centers, the project that feeds into PPAF’s overall strategy for ending poverty offers interest-free loans to the program’s population of interest. Punjab, Sindh, Balochistan, Khyber Pakhtunkhwa, and three areas—Islamabad Capital Territory, Gilgit Baltistan, and Azad Jammu & Kashmir—are among the provinces and regions where the program is being implemented in more than 100 districts.

Eligibility Criteria:

Between the ages of 18 and 60.

The applicant has to have a current Computerized National Identity Card. (CNIC).

A district resident who belongs to the targeted union council.

A business plan that is economically viable.

Application Process:

Use the link to find the Loan Center that is closest to you, and make a note of the information for the Focal Person & Loan Center.

To learn more, go to your local Loan Center.

The loan officer will fill out your loan application if you are eligible.

The concerned employees will come to your house or neighborhood to confirm your information.

If your application is accepted, the loan officer will let you know.

The loan application will be handled in 2-4 weeks if there are no objections.

At a certain period that the loan officer will let you know, the interest-free loan check will be delivered to you.

You can call this number at 051-111-000-102 or visit the Pakistan Poverty Alleviation Fund (PPAF) website to learn more about interest-free loans.

Application Centers:

Through 22 partner organizations in rural areas, urban centers, and small towns around the nation, the interest-free loan is being distributed. The following links will take you to a page with contact information, information about districts, lending centers, partner organization names, focal people, and more.

For Detail Clickk here

2: Meezan Bank:

  1. Meezan Apni Bike Financing:

Based on the Islamic financing method of Musawamah, Meezan Apni Bike gives you the option to buy a motorcycle. The cost of making or acquiring the goods is not disclosed by the seller when using Musawammah financing. It is perfect for people who want access to Shariah-compliant bike financing with manageable monthly payments in addition to a variety of other benefits.

Application Process:

Fill out a client application form (available at some branches) for Meezan Bank’s Apni Bike, attach the required documents, and your financing will be approved in 5-7 working days. The chosen Bike will be accessible after asset finance approval for the duration specified by the manufacturer.

Completing a customer application (available at any Branch)

With the necessary paperwork attached, submit your application along with Rs. 1,800. (Non-refundable processing fee)

Receive approval for your financing in 5-7 working days.

General Requirements:

Copy of Applicant’s CNIC (Computerised National Identity Card)

One Passport-sized color photograph of the applicant

Declaration of Financing

Signature Verification Form

For Salaried Individuals:

Original / Certified copy of Bank Statement (last 6 months)

Original / Certified copy of Pay Slip

Employer’s certificate including Tenor /Designation /Salary

For Businessmen / SEP:

Original / Certified copy of Bank Statement (last 12 months)

2 years’ Proof of Business (e.g. Tax return / Bank Certificate/ any other document)

Click the link for details and to Download From:

  • Meezan Car Ijarah:

Pakistan’s first interest-free auto loan is called Car Ijarah and is offered by Meezan Bank. It is based on Ijarah, an Islamic method of funding. (leasing). This solution is perfect for people who want to purchase locally produced or built vehicles with interest-free financing.

Application Process:

To apply for Meezan Bank’s Car Ijarah, complete a customer application form (found at any Branch), attach the necessary documents, and receive financing approval in the shortest possible time.

Required Documents:

Application form with the applicant’s full signature and completion

Copy of most recent pay stub or certificate of employment – For Salaried People.

For businessmen, the business proof is needed. Examples include a bank certificate confirming proprietorship, an NTN, a letter from a trade association, or a tax return.

Bank statement copy from the previous six months

One recent image.

Specimen Ideally, a signature card in the format required by the bank

Click the link for details and to Download From:

Easy Home – Islamic House Finance:

Easy Home offers a 100% interest-free (Riba) solution for all of your home financing requirements. Meezan Bank’s Easy Home operates differently from a conventional loan because it uses the concept of diminishing musharakah, in which you and Meezan Bank share shared ownership of the property. Co-ownership, not a loan, is the nature of the agreement. This is so that the transaction can be completed because it is based on shared ownership of a home rather than on lending and borrowing money. Meezan Bank splits the cost of the house purchase as a result. The primary element that makes Easy Home Shariah-compliant is creating shared ownership and progressively transferring ownership to the customer.

Application Process:

Send Meezan Bank an application that has been completed and signed. Send the necessary check for the processing fee and external agency expenses.

Include the necessary paperwork with your application.

View the document list

Meezan Bank will confirm your home and business addresses.

Based on the information provided, Meezan Banks will carry out the appropriate credit assessments and related due diligence for salaried self-employed professionals and businessmen. (A member of Meezan Bank’s panel who estimates income submits a report to the bank.)

Meezan Bank will seek legal counsel regarding the property records you give.

The property will be assessed by the valuation firm chosen by Meezan Bank to ascertain its market worth.

A conditional offer letter will be provided by Meezan Bank when you have satisfied all of the bank’s credit standards.

You are required to open an account with Meezan Bank following the case’s approval.

You will be needed to visit Meezan Bank for the signing of the Islamic House Finance Agreement and other legal documents following the completion of these processes and the acceptance of your case.

You and the seller of the property will be taken by a Meezan Bank officer and an authorized lawyer to the appropriate bank (in the event of BFT) or registrar’s office for Property transfer. Original property documents will be given to the attorney, who will verify them, then give the banker or seller the pay order and perform the necessary legal procedures on Meezan Bank’s behalf.

Click the link for details and to Download From:


Application Process:

Visit Office

Fill Form

If selected Go for the interview

Eligibility Criteria:

Valid CNI

Age 18-62

Economically active

Not Criminal

Good character

Two Guarantors

A resident of the branch area

Required Documents:


Utility Bills


Copy Of Nikahnama

For more Details Click Here:

4: Ihsan Trust:

Required Documents:

1) Two (02) Recent passport size photographs

2) Copy of CNIC Self / B-Form (if CNIC not applicable) Parents (Father, Mother) / Guardian Spouse Siblings / B-Form (if CNIC not applicable)

 3) Domicile certificate (Self)

 4) Admission letter (for new admission)

 5) Photocopies of all Academic Certificates / Degrees / Marks Sheets / Transcripts

 6) Copies of last and latest (unpaid) fee vouchers/receipts of self and Siblings

 7) Copy of the latest unpaid fee vouchers

 8) Up-to-date fee ledger

 9) Updated resume (C.V) self

 10) Income Certificate / Pay-slip / Pension Book – Slip (if Applicable) Self Parents / Guardian Spouse Siblings

 11) Income tax return of all family members

 12) Bank statement of the last six (06) months (latest) of all family members having an account

 13) Photocopies of the latest three (03) months’ paid utility bills Electricity Gas Telephone Water

 14) Copy of Rent / Tenancy Agreement (if applicable)

15) Death certificate (if / whenever applicable) of parents, siblings & spouse (if any)

 16) Statement of purpose (SOP)* in life

For more Details Click Here:

5: Standard Chartered:

Saadiq Personal Finance

The facility can be used for personal needs like schooling, marriage, and medical costs.

Application Process:

Fill Online form.

Submit Documents.

Wait for a week for approval.

Eligibility criteria:

Valid CNIC

Age 21 or older.

Valid Pakistan Mobile Number.

Required Documents:

  • CNIC
  • Income Proof

For more Details Click Here:

6: Faisal Bank:

A Riba-free, Shariah-compliant personal finance option based on the Islamic “Tawarruq” framework is offered by Faysal Islami. A limit-based facility would offer you a thorough, affordable, and hassle-free financing solution to meet necessities like education, a wedding, and medical care.

Eligibility Criteria:

Age 18-70

Minimum Income PKR 30,000

Application Process:

1:To apply, go to a Bank branch

2:Phone the Contact Center at 021 111 06 06 06

3:Text “IPF” to 9181 followed by “City Name” and “CNIC.”

For more Details Click Here:

7: Dubai Islamic Bank Pakistan:

The  Islamic bank in Pakistan, DIBPL, provides a “Personal Finance” service that complies with Shari’a and is based on the “Musawamah” concept of Islamic finance. The financing option is available and can be used to meet financial demands such as those related to school, marriage, medical bills, repayment of credit card debt, repayment of traditional debt, and the satisfaction of any other urgent need in a “HALAL/ISLAMIC” manner.

Eligibility Criteria:

Age 21-60

Required Documents:

Application Form

Balance transfer undertaking

Two photographs


All Relevant Documents.

For more Details Click Here:

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