Today Ministry of Housing & Works and M/s Akhuwat Islamic Microfinance signed an agreement for provision of interest free loans to the poor segments of the society. The Government of Pakistan would provide Rs.5 billion to M/s Akhuwat for disbursement of small loans through out the country.
The Agreement was signed by Dr. Imran Zeb Khan, Secretary Housing & Works on behalf of Government of Pakistan whereas, Dr. Amjad Saqib, CEO M/s Akhuwat signed on behalf of M/s Akhuwat.
Housing is focus area of the present Government & Naya Pakistan Housing Program is flagship initiative which envisages provision of shelter for the citizens of Pakistan. This agreement is a reflection of this initiative. It will also contribute towards low-cost housing scheme of present government.
The Government has allocated Rs.5 billion for disbursement as an interest free loan for construction of low-cost houses / renovation. The M/s Akhuwat Islamic Microfinance has been selected for the task through competitive process under PPRA rules. The salient features of the interest free loan are:
i. The loans lent to poor and deserving families of Pakistan under this Project will be interest free.
ii. The loan will be utilized to construct new construction of houses, additional rooms, kitchen and bath room including renovation and up-gradation with loan amount upto Rs.1 million.
iii. Even there is no application processing fee.
iv. The loan will be recovered on monthly installment basis from 24th to 60th installments
*****
