Nov 20, 2019: Ministry of Housing & Works and Akhuwat Islamic Microfinance Wednesday 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 throughout the country. The agreement was signed by Dr. Imran Zeb Khan, Secretary Housing & Works on behalf of Government of Pakistan whereas, Dr. Amjad Saqib, Chief Executive Officer 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 and 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. As per salient features of this agreement, the loans will be provided to poor and deserving families of Pakistan under this project will be interest free.
The loan will be utilized to construct new houses, additional rooms, kitchen and bath room including renovation and up-gradation with loan amount upto Rs.1 million. There will be application processing fee and the loan will be recovered on monthly installment basis from 24th to 60th installments.