ISLAMABAD: The low-income employees of Pakistan Railways would now have access to interest-free loans for construction of their homes as a result of an understanding reached between the Ministry of Railways and a microfinance institution.
Akhuwat Islamic Microfinance has entered into an agreement with the Ministry of Railways for provision of interest-free loans to the low-income employees of Pakistan Railways.
Akhuwat is a not-for-profit organisation founded on the Islamic principle of Akhuwat (solidarity).
It provides interest-free loans to the underprivileged people to enable them to get out of poverty through sustainable pathways.
MoU reached with Akhuwat Islamic Microfinance
Railways Minister Azam Khan Swati and Chairman of Akhuwat Islamic Microfinance Dr Amjad Saqib signed the agreement at a ceremony here on Monday.
The signing ceremony was also attended by Deputy Chairman of Senate Mirza Muhammad Afridi and Minister for Parliamentary Affairs Ali Muhammad Khan.
Speaking on the occasion, Mr Swati said that interest-free loans would be provided to the employees of Pakistan Railways for construction of homes and education of their children.
Initially, he said, interest-free loans for seven railway workers had been approved.
He said the railways system was being upgraded and modern systems for signaling and communications were being installed.
Published in Dawn, November 30th, 2021