Introduction
Imran Khan Foundation (IKF) under the umbrella of Akhuwat Islamic Microfinance (AIM) launched a project for disbursement of interest-free loans to low-income families in the district of Nowshera. Signed on 22nd November 2011, the aim of the project is to alleviate poverty and empower the low earning families by providing them with viable opportunities of economic growth.
Major Objectives of the Project:
- To reach out to the low-income families in Nowshera to enhance their access to credit.
- To protect the socio-economic rights of the all segments of the society through their social inclusion.
- To encourage self-employment.
Salient Features of Project:
- A project specifically for District of Nowshera.
- Loan size ranges from Rs. 10,000 to Rs. 50,000.
- Loans are given for businesses and setting small enterprise only.
- 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.
Eligibility Criteria:
- Applicant should not be convicted of any criminal offence in lieu of which proceeding are in progress. However, nature and severity of the offense should be considered.
- Applicant should be healthy and it shall be ascertained that the applicant is not suffering from any fatal disease.
- Loans shall be sanctioned on first come first serve basis.