CHIEF MINISTER’S SELF EMPLOYMENT SCHEME PUNJAB

Introduction

The Govt. of Punjab through Punjab Small Industries Corporation (PSIC) in collaboration with Akhuwat Islamic Microfinance (AIM) launched Chief Minister’s Self Employment Scheme on October 2011. The purpose of this magnanimous venture is to assist low-income individuals in their struggles for economic growth through Interest free loans. This scheme is the largest public-private partnership of its kind. The maximum limit of disbursed loan is Rs. 50,000 whereas the scope of the scheme is extended to all over the Punjab. The scheme aims to bridge the gap between the poor and the privileged while establishing an equilibrium of harmony and brotherhood in the society.

Major Objectives of the Project:

  • To reach out to the low-income and economically active people in Punjab to support with interest free loans to earn their livelihoods.
  • To encourage self-employment.

Salient Features of the Project:

  • First ever interest free loans project on such scale.
  • 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.
  • This is the largest interest free small loans scheme in Pakistan jointly ventured by a government agency and a civil society organization.

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.
  • Akhuwat Islamic Microfinance shall follow graduation model in disbursement of loans.
  • Applicant should have valid CNIC.
  • Applicant should be economically active.
  • Applicant should be of maximum age of 62 years.
  • Applicant should have a good social and moral character in his community.
  • Applicant should not be willful defaulter of any other Microfinance institution.
  • Applicant should not have any active loan with Akhuwat Islamic Microfinance by himself or by any other family member who are being shared combined kitchen.

 

Progress Report (30th June 2019)
Total Benefiting Families 2,501,625
Total loans disbursed – Males 1,316,682
Total loans disbursed – Females 1,184,943
Amount Disbursed PKR 59,003,496,780
Percentage Recovery 100%
Active Loans 664,939