ISLAMABAD: Al Baraka Bank Limited has launched Prime Minister Youth Business Financing Scheme with a commitment to provide business financing to youth under Shariah compliance rules. Chairperson Prime Minister’s Youth Program Ms. Leila Khan was the chief guest serene launching ceremony while top management of Al-Baraka Bank (Pakistan) Limited including Chief Executive Officer, Shafqaat Ahmed,Chairman Adnan Ahmed Yousif and others was also present.
Speaking on the occasion, Leila Khan assured all out support to Al Baraka Bank of the government in execution of program in a successful manner. She also ensured that there will be no political interference in the bank’s activities and operation. She said that Prime Minister’s Youth Program is a revolutionary program for the socio-economic development of youth, in a bid to combat soaring unemployment in the country. Ms Leila Khan said, “PMs Interest Free Loan Scheme is a remarkable initiative of the PML-N Government for socio-economic uplift of marginalized segments of society by extending them interest free loans for setting up their own businesses”.
Pakistan Poverty Alleviation Fund’s, the executing agency of the scheme has so far, disbursed 29,880 loans worth Rs. 620 Million with 100% recovery rate in 154 union councils of 36 districts across Pakistan through 25 Partner organizations. 58% of the loan beneficiaries are female. Ms Leila Khan expressed satisfaction at the current pace of loan disbursement under the scheme and encouraged PPAF to especially focus on under developed areas of Baluchistan and FATA.
She said that PMYBL scheme, being run with complete political impartiality, has so far disbursed about Rs 4 billion among around 6000 talented people with 94 percent loan recovery. Leila Khan, Chairperson PMYBL said this while talking to media at the launch of this scheme here on Thursday.” HBL has adopted our product as this bank will disburse some two billion rupees under PMYBL”, she expressed with satisfaction.
She told media that Sindh Bank, Habib Metro Bank Meezan bank and Summit Bank have adopted the PMYLS, while dialogue with MCB and UBL was under process. She said that all the private banks are autonomous bodies and are providing loans purely on merit after verification and reviewing the business plans without any government involvement.
Chief Executive Officer, Shafqaat Ahmed, Chairman Adnan Ahmed Yousif and others highlighted salient features of the banks’ programs. The origin of Islamic banking system can be traced back to the advent of Islam when the Prophet himself carried out trading operations for his wife. The “Mudarbah” or Islamic partnerships has been widely appreciated by the Muslim business community for centuries but the concept of “Riba” or interest has gained very little diligence in regular or day-to-day transactions. At the conclusion of the ceremony, memorandum of momentum was presented to Ms Leila by Al Baraka management.
