The Bank of Punjab (BOP) and Akhuwat Islamic Microfinance (AIM) have signed a memorandum of understanding (MoU) to provide financing to applicants referred by Akhuwat under Prime Minister’s Kamyab Jawan Entrepreneurship Scheme.
The ceremony was held at the bank’s head office and the MoU was signed by BOP President/CEO Zafar Masud and AIM Founder & CEO Dr Muhammad Amjad Saqib in the presence of Usman Dar, Special Assistant to the Prime Minister on Youth Affairs, and senior officials of the bank including Asif Riaz, Group Head Retail & Priority Sectors, and Ghulam Ali Khokhar, Head Government Initiatives Division, a statement issued by the BOP on Wednesday read.
Under the collaboration, subsidized loans shall be extended to small business owners having satisfactory track record with Akhuwat. “This will help graduate small business owners for facilitation by the banking sector, hence contributing towards financial inclusion of the majorly undocumented sector of the economy. It is also hoped that the financial support shall help these business grow substantially.”