Interest Free Loan Scheme From Akhuwat Islamic Micro Finance Bank of Pakistan|How to Avail Interest Free Loan in Pakistan by Akhuwat Islamic Mircro Finance Bank
Akhuwat Islamic Microfinance is a company which started in 2001 and set up under “Section 42 of the Companies Ordinance 1984” having objective to provide interest-free microfinance to the needy and underprivileged members of the society so as to improve their standards of living. It was started with the aim to help people those are poor and can’t stable their own business. Such Interest free loan scheme also help people who cant get better education level by their own efforts.
World’s Largest Interest Free Loan Scheme From Akhuwat Islamic Micro Finance Bank of Pakistan
Akhuwat Islamic microfinance (AIM) struggles to decrease poverty by developing a system based on mutual support in society. A group of people established Akhuwat Islamic Microfinance in 2001 who were strongminded to put into wheels a charitable initiative for those whose lives were distressed by poverty and suffering.
Furthermore, over the years, Aukhwat Islamic Microfinance has produced multiple support mechanisms to provide the diverse needs of the poor and implemented a complete approach to poverty alleviation. The specific emphasis has been on education services as Akhuwat Islamic Microfinance reflects access to quality of education vital to promote welfare and laying down the foundations of poverty-free society.
HOW IT WORKS?
Following are the main points to explain the concepts or idea of Akhuwat Islamic Microfinance that how it works which are given below:-
1. Amount lent to a Borrower
2. Borrower utilize the loan and earn living
3. Imporved quality of life
4. Borrowers return loan without any interest
5. Borrower becomes a donor
6. Revoling credit fund
7. Donors provide funds
8. Operational fund
How to Process Loan Application of Akhuwat Islamic Micro Finance (AIM)?
There are following step which are essential to enrolled in Interest Free Loan Scheme of Akhuwat Islamic Micro Finance (AIM) as given below:
1. Program introduction
2. Application Submission by Potential Borrower
3. Social Appraisal By Staff
4. Business Appraisal by Staff
5. Second Appraisal by Senior Staff
6. Guarantors of Loans (to be provided by Borrowers)
7. Loan Approved by Loan Approval Committee
8. Loan Disbursement to Borrower in Mosque
9. Recover to be received in Akhuwat Office
10. Monitoring of the borrower/business
Eligibility Critera for Loans Process:-
The following key points are necessary for eligiblity of loan as given below:
1. Valid CNIC
2. Ability to initiate/run business activity having age between 18-62 years.
3. Economically active
4. Applicant should not be convicted in criminal offence in lieu which are still proceeding.
5. Having good social and moral character in his community.
6. Capacity to provide two guarantors other than family members.
7. Applicant must be resident of operational area of branch office might be around 2-2.5 KM radius.