Pakistan Railways and Akhuwat Islamic Microfinance have signed an agreement for the provision of interest-free loans to low-income employees of Pakistan Railways for the construction of houses.
While addressing the ceremony the railway’s minister said that the agreement will enable low-income employees to avail interest-free loans from Akhuwat Microfinance for the construction of houses. He said that as per the Prime Minister’s vision, the lower-income group will be given a roof on a priority basis.
The minister said that the railways system is being upgraded and modern systems for signaling and communications are being implemented. He said that all facilities will be provided to railways staff and all hardworking employees would be rewarded.
Chairman Akhuwat Microfinance Dr. Amjad Saqib while addressing the ceremony said that Akhuwat, in collaboration with the ministry, will also provide loans to the Railways Police personnel.
He added that every Pakistan Railways employee will be given an interest-free loan to build his own house under this programme.
Dr Amjad said that around 17,000 homes have been built under the Prime Minister’s low-cost housing programme so far and the loan recovery from beneficiaries remained 100 percent.
He also highlighted that Akhuwat has established a university to impart higher education free of cost, adding that Pakistan Railways employees can enroll their children in this university.
The signing ceremony was attended by Federal Minister for Railways Azam Khan Swati, Chairman Akhuwat Dr Amjad Saqib, Minister Parliamentary Affairs Ali Muhammad Khan and Deputy Chairman Senate Mirza Muhammad Afridi.