FAISALABAD: At least Rs50 million was disbursed among 1,500 deserving families in the form of interest-free loans under Akhuwat Micro Finance and the Chief Minister’s Self Employment Scheme. The aim was to ensure the self-reliance members of the recipients, a press release issued by University of Agriculture Faisalabad (UAF) stated on Monday.
In this regard, a ceremony was held at the varsity’s Central Mosque in which UAF Vice-Chancellor Dr Muhammad Iqbal Zafar was the chief guest. Akhuwat officers Muhammad Javed and Khalid Mehmood, UAF Professor Dr Khalid Shouq and others were also present.
While speaking to participants, Iqbal Zafar said one-third of the country’s population was living below the poverty line. “Poverty can be alleviated through education and skilled manpower.” He lauded the measures being adopted on the part of Akhuwat and for providing financial assistance to deserving families.
Akhuwat official Muhammad Javed said that recovery rate of interest-free loan was 99%. He said that Akhuwat was set up in 2001 in order to provide interest-free microfinance to poor people to increase their standards of living. “The organisation is making all possible measures to alleviate poverty by creating a system based on mutual support in society.”
Dr Khalid Shouq said that interest-free loan, with special focus on deserving people, was the hallmark step that will bring prosperity to society.
Published in The Express Tribune, June 12th, 2018.