The Governor KP Interest Free Loan Scheme was launched in September 2015 with the aim to facilitate the needy and prospective entrepreneurs of FATA/FR. By providing access to financial services, the said scheme seeks to empower low-income families to make their own choices and construct their way out of poverty in a sustained and self-determined manner. Akhuwat Islamic Microfinance has been nominated as an implementing partner by FATA Development Authority.
2) Major objectives of the project.
To reach out to the low-income people in FATA/FR and support them to earn their livelihoods.
To help improve the socio-economic conditions of the target segment of the society through financial inclusion and social inclusion.
To create employment opportunities and encourage self-employment.
3) Salient Features of projects:
Interest free loan facility is only for resident of FATA/FR to start new business or expand current business.
Loan size ranges Rs. 10,000 to Rs. 50,000.
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.
4) Eligibility Criteria
Applicant must be a resident of FATA/FR.
Applicant having the proper business plan.
Having age between 18- 60 years.
Applicant should have valid CNIC.
Applicant should be economically active.
Applicant should not be convicted of any criminal offence in lieu of which proceeding are in progress.
Applicant should have good social and moral character in his community.
Applicant should have capacity to provide two guarantors other than family members.