The Khyber-Pakhtunkhwa (K-P) government will invest Rs1 billion in Islamic Micro-Finance Banking to provide loans to 0.5 million unemployed skilled youngsters in the province.
This was decided during a meeting chaired by Minister for Finance Sirajul Haq on Monday, stated a press release. The participants discussed ways to provide loans and the banks’ share in the profit made.
“Machines and tools would be purchased under the Islamic Micro-Finance Division for the first year for approximately 0.8 million people,” stated the press release. The loan seeker would start their own business with the machines and tools and share their profit with the bank, it added.
The bank would get a nominal share of the profit and most of it would go to the investor. Furthermore, the finance minister was told that 22,000 people can be employed and made self-sufficient in five years under the scheme.
Published in The Express Tribune, July 8th, 2014.
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