Islamabad: Concerns are being raised over the government’s Rs3.2 trillion housing finance scheme, with officials pointing to a possible constitutional issue regarding the continuation of interest-based lending beyond the 2028 deadline set for eliminating riba.
The “Apna Ghar Programme,” launched by Prime Minister Shehbaz Sharif, aims to finance 500,000 housing units over five years, offering loans of up to Rs10 million with a 20-year repayment plan.
However, the scheme includes a fixed 5% markup for the first 10 years, followed by market-based rates. Critics say this structure means interest-based loans could continue for decades, even after the constitutional deadline.
Experts warn that unless the programme is restructured on interest-free or Shariah-compliant models, it may face legal and constitutional challenges in the coming years.
