Asaan Ghar Finance Becomes the First Shariah-Compliant Islamic Home Financing Company Under SECP’s Shariah Governance Regulations 2023

Karachi, 8 October 2024 – In a significant development for the Islamic finance industry, the Securities and Exchange Commission of Pakistan (SECP) has granted a Shariah Compliance Certificate to Asaan Ghar Finance Limited, making it the first Islamic House financing company to achieve this status under the Shariah Governance Regulations 2023.

This milestone aligns Asaan Ghar Finance with the stringent Shariah screening criteria set by SECP and opens new doors for ethical house financing in Pakistan. The certification is granted under section 451 of the Companies Act, 2017, ensuring that Asaan Ghar’s financial practices adhere to Islamic principles and remain fully transparent.

What Does This Certification Mean for Consumers?

Asaan Ghar’s Shariah-compliant status means that home buyers seeking financing options in accordance with Islamic principles can now access a completely Riba-free financing solution. This certification solidifies Asaan Ghar’s commitment to providing interest-free home financing, offering peace of mind to customers who prefer Shariah-compliant financial products.

Asaan Ghar offers ethical and transparent home financing products for individuals particularly middle-class families who want to purchase, build, or renovate their homes, without the burden of conventional interest-based loans.

Revolutionizing Islamic Home Financing

In a market where traditional banks often dominate with interest-based mortgages, Asaan Ghar’s achievement sets a new benchmark for the home financing sector in Pakistan. By offering a Shariah-compliant alternative, Asaan Ghar is providing a solution that not only adheres to Islamic finance principles but also caters to the growing demand for ethical and transparent financial products in Pakistan.

The certification process, which began with the submission of Asaan Ghar’s application in June 2024, included a comprehensive review of the company’s financial operations, governance framework, and compliance with Islamic finance principles. Asaan Ghar’s successful certification reflects the company’s dedication to transparency, ethical practices, and a customer-centric approach.

Shariah Compliance Certificate: A New Milestone

The SECP’s decision to award Asaan Ghar with the Shariah Compliance Certificate underlines the company’s leadership in the Islamic home financing space. This certification is not just a stamp of approval but a pivotal moment for Asaan Ghar’s long-term strategy to expand its Shariah-compliant offerings.

Asaan Ghar Finance CEO, Faiq Sattar, shared, “We are thrilled to become the first Islamic House financing company in Pakistan to receive the Shariah Compliance Certificate. This achievement is a testament to our commitment to offering ethical, Shariah-compliant solutions to our customers. We look forward to continuing to provide transparent and interest-free house financing that helps families across Pakistan achieve their homeownership dreams.”

Looking Ahead

Asaan Ghar’s certification is a game-changer for the Islamic finance industry, setting the stage for future innovations in Shariah-compliant financial products. With this certification, the company will continue to adhere to the SECP’s regulatory guidelines, ensuring compliance with Islamic Financial Accounting Standards, and maintaining transparency in all business practices.

For more information about Asaan Ghar’s Shariah-compliant home financing solutions, visit www.asaanghar.com.

About Asaan Ghar Finance Ltd

Asaan Ghar Finance Ltd. is a leading provider of Shariah-compliant home financing solutions in Pakistan, offering home purchase, construction, renovation, and balance transfer financing options. With a focus on affordable home finance, especially for first-time home buyers in the middle-income segment in Pakistan, Asaan Ghar is committed to Islamic principles and transparency. The company enables individuals to achieve their dream of homeownership without the burden of interest-based loans.