ISLAMABAD, Pakistan: The Ministry of Railways and the Akhuwat Islamic Microfinance have signed an agreement in Islamabad on Monday under which the latter will provide interest-free loans to Pakistan Railways Low-Income Employees for the construction of houses.
The Federal Minister for Railways Azam Swati, the Chairman Akhuwat Microfinance Dr. Amjad Saqib, the Minister of State for Parliamentary Affairs Ali Muhammad Khan, and the Deputy Chairman Senate Mirza Muhammad Afridi were in attendance at the Signing Ceremony.
While addressing the Ceremony, the Railways Minister Azam Swati said that the agreement will enable Railways low-income employees to avail interest-free loans from Akhuwat Microfinance for the construction of houses.
The Chairman Akhuwat Microfinance Dr. Amjad Saqib said that Akhuwat in collaboration with the Railways Ministry will also provide loans to the police personnel along with the employees of the railway department.
Dr. Amjad Saqib said that every railway employee will be given an interest-free loan to build a house.
So far, 17,000 homes have been built under the Prime Minister’s Low-Cost Housing Program, and the recovery of the money received for these houses is 100%.
The Chairman Akhuwat said that the organization has established a University for free higher education and the Railway employees can enroll their children in that University.