Punjab govt to make interest-free loans accessible to all: minister | Pakistan Today

Punjab govt to make interest-free loans accessible to all: minister

Provincial Minister for Finance Dr. Ayesha Ghaus Pasha has said that the Punjab government is introducing several programmes which will raise the living standards of the less-privileged segments of the society. She said that provision of loans under Chief Minister Interest-Free Loan Programme is one of the initiatives under which several deserving people have started their own small business.

She expressed these views while addressing the first session of International Islamic Economic, Banking and Finance Conference 2016 held at Faletti’s Hotel under the aegis of Al-Tijara Centre of Islamic Economic today.

The provincial minister said that since 2001, the world in general and Pakistan particularly has achieved rapid progress through Islamic banking. She said that more than 17 thousand branches of Islamic banks are operating in Pakistan, but unfortunately 95 per cent of the people who get interest-free loans are those belonging to the elite class, and common man has to approach the informal sector to get loan where they pay 20 per cent interest on loan.

She said that the Punjab government will transfer the facility of interest-free loan to the common man and cooperation of institution like Al-Tijara will be helpful in this regard.

The minister said that about one hundred thousand youngsters are moving towards practical life after completing their education. The government is unable to provide government job to all of them and for this purpose, they are being brought towards micro business so that they can become independent through their own business, she said, adding that Islamic system of loan can play a better role in this regard.

Addressing the conference, higher administrator of Al-Tijara Sohail Sabir said that the government wants to eliminate heavy loan burden that various banks put on the poor masses.

Professor Mujeeb Baig said that Al-Tijara is providing cooperation to the deserving people who have skills but not investments.

At the end of the session, Sohail Sabir presented commemorative souvenir to the finance minister.

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