LAHORE: Chief Minister Punjab, Muhammad Shahbaz Sharif, has announced to establish Punjab Rozgar Bank to provide loans on subsidised rates to the youth of Punjab. He also said that millions of young people will benefit from this programme.
He was addressing the book launching ceremony of "Akhuwat Ka Safar" written by executive director of Akuwat Dr. Amjad Saqib here Saturday. Chairman rural support programme Shoaib Sultan, noted Philanthropist Inam Ilahi Aser, senior journalists Mujeeb-ur-Rehman Shami, Ata-ul-Haq Qasmi and members of the civil society were also present on the occasion
Shahbaz also inaugurated first ever donation portal The idea is to use the name, expertise and infrastructure of Akhuwat and to replicate an online model that will ensure a greater amount of capital in circulation for the microfinance activities that Akhuwat carries out across Pakistan.
He also announced on this occasion Dr. Amjad Saqib to be the CEO Of Rozgar Bank and expressed hope that the way Dr Amjad is running Akhuwat successfully will run the bank similarly.
"Return rate of loans in a non institutionalized frame work is 99.99 percent then why not the return rate of institutionalized frame work will be 100 percent" he said.
Shahbaz said that beginning with an amount of Rs10.000, Akhuwat has to date given interest free loans of Rs6billion to more than 300,000 people. He said that Punjab Education endowment which was established with the seed money of Rs10billion and every year an amount of Rs2 billion is being increased He said in five years more than 100,000 students will benefit from this programme
Speaking on the occasion Dr Amjad Saqib said that Akhuwat is the largest model of interest free banking in the world
He appreciated the role of Chief Minister Shahbaz Sharif which he played for strengthening this pro-poor movement. Beginning as an idealistic venture, he said Akhuwat's experimentation within the various avenues of microfinance parameters has allowed it to fine-tune the philosophy upon which it operates
Deriving its name from "Mwakhaat" (brotherhood), the philosophy on which Akhuwat is founded took inspiration from the fraternity which was formed by the people of Madina and Makkah who had migrated to Madina to escape persecution
Dr Amjad, who believes that the true success behind Akhuwat Foundation lies within this small kernel of great wisdom
"We tend to under-value human virtue, the bonds of brotherhood and the generosity of spirit that human beings can exhibit" says the man who truly believes that loans and money can only go a certain distance to truly alleviate poverty. "We leave that to the people who take these loans" he concludes.
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