The Governor KP Interest Free Loan Scheme was launched in September 2015 with the aim to facilitate the needy and prospective entrepreneurs of FATA/FR. By providing access to financial services, the said scheme seeks to empower low-income families to make their own choices and construct their way out of poverty in a sustained and self-determined manner. Akhuwat Islamic Microfinance has been nominated as an implementing partner by FATA Development Authority.
Major Objectives of the Project:
- To reach out to the low-income people in FATA/FR and support them to earn their livelihoods.
- To help improve the socio-economic conditions of the target segment of the society through financial inclusion and social inclusion.
- To create employment opportunities and encourage self-employment.
Salient Features of Project:
- Interest free loan facility is only for resident of FATA/FR to start new business or expand current business.
- Loan size ranges Rs. 10,000 to Rs. 50,000.
- Loans are disbursed in mosques/churches to ensure transparency and participation.
- There is no mark-up or interest on these loans.
- Loans are given after due scrutiny and appraisal according to an eligibility criterion, on first come first serve basis.
- Applicant must be a resident of FATA/FR.
- Applicant having the proper business plan.
- Having age between 18- 60 years.
- Applicant should have valid CNIC.
- Applicant should be economically active.
- Applicant should not be convicted of any criminal offence in lieu of which proceeding are in progress.
- Applicant should have good social and moral character in his community.
- Applicant should have capacity to provide two guarantors other than family members.
Progress Report (30th June 2019)
FATA ( KPK)
|Total Benefiting Families||54,979|
|Total loans disbursed – Males||54,243|
|Total loans disbursed – Females||736|
|Amount Disbursed PKR||1,674,568,000|