ISLAMABAD: Pakistan’s largest Islamic bank announced on Friday that it has approved 6,880 housing finance cases worth Rs49 billion [$177 million] under a government-backed scheme that aims to provide affordable housing to the masses.

Meezan Bank, Pakistan’s largest Islamic lender, said it approved the cases under the “Wazir-e-Azam Apna Ghar Program – Ghar Ho Tu Apna (GHTA) Scheme.” As part of its collaboration with the government, participating banks such as Meezan provide financing up to Rs10 million [$36,100] to the customer, with an initial five percent markup for the first 10 years.

Meezan said its scheme provides Pakistani families access to Shariah-compliant housing financing as part of the government’s affordable housing agenda. The lender said around 1,000 families have received financing totaling Rs7.34 billion [$26.5 million] as of Sept. 30.

“At Meezan Bank, we believe that Islamic finance can play a meaningful role in making home ownership accessible to a much larger segment of society,” Ahmed Ali Siddiqui, group head of consumer finance at the bank, said in a statement.

“Through Ghar Ho Tu Apna, we are committed to working with the government to transform the aspiration of home ownership into a reality for thousands of Pakistani families.”

The bank said it has received over 27,800 house financing applications worth Rs179 billion [$646 million] through its own network and the Pakistan Housing Authority portal, reflecting rising demand for affordable housing finance.

Of these, it said 13,474 applications amounting to Rs100.7 billion [$363.5 million] were received through the bank’s network, while another 14,397 applications worth Rs78.65 billion [$284 million] came through the PHA network.

The bank said it remains committed to expanding affordable home ownership and contributing to Pakistan’s housing sector through its extensive network, Islamic finance expertise and growing housing-finance capabilities.