Employees of Pakistan Railways will be able to get an interest-free loan for home construction
ISLAMABAD: As a consequence of an agreement made between the Ministry of Railways and a microfinance organization, low-income Pakistan Railways personnel will now have access to interest-free loans for house building.
Akhuwat Islamic Microfinance has engaged in a deal with the Ministry of Railways to provide interest-free loans to low-income Pakistan Railways personnel.
Akhuwat is a charitable organization based on the Islamic idea of Akhuwat (solidarity).
It offers interest-free loans to the impoverished in order to help them escape poverty via long-term solutions.
Azam Khan Swati, Minister of Railways, and Dr. Amjad Saqib, Chairman of Akhuwat Islamic Microfinance, inked the agreement on Monday 29 November 2021.
Deputy Chairman of the Senate Mirza Muhammad Afridi and Minister for Parliamentary Affairs Ali Muhammad Khan also attended the signing event.
Speaking on the occasion, Mr. Swati said that interest-free loans will be made available to Pakistan Railways staff for the building of houses and the education of their children.
Initially, he said, seven railway personnel had been accepted for interest-free loans.
He said that the railway system was being improved and that new signaling and communications systems were being added.
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