ISLAMABAD: Low-income Pakistani railway workers would now have access to interest-free loans for building their homes following an agreement between the Ministry of Railways and a microfinance institution.
Akhuwat Islamic Microfinance has entered into an agreement with the Ministry of Railways to provide interest-free loans to low-income Pakistani railway employees.
Akhuwat is a non-profit organization based on the Islamic principle of Akhuwat (solidarity).
It provides interest-free loans to disadvantaged people to lift them out of poverty through sustainable paths.
MoU concluded with Akhuwat Islamic Microfinance
Minister of Railways Azam Khan Swati and Akhuwat Islamic Microfinance Chairman Dr Amjad Saqib signed the agreement in a ceremony held here on Monday.
The signing ceremony also took place in the presence of Vice-President of the Senate Mirza Muhammad Afridi and Minister of Parliamentary Affairs Ali Muhammad Khan.
Speaking on the occasion, Mr. Swati said interest-free loans would be given to employees of Pakistan Railways for building houses and educating their children.
Initially, he said, interest-free loans for seven railway workers had been approved.
He said the rail system was being modernized and modern signaling and communication systems were being installed.
Posted in Dawn, November 30, 2021