Akhuwat collaborates with RM department to provide interest-free loans

October 2, 2019: The IBA, Karachi's Resource Mobilization (RM) department organized an orientation session at the Main Campus to provide information about its collaboration with Akhuwat Islamic Microfinance. The session was conducted by Area Manager Akhuwat Mr. Kamran Qureshi, and attended by students as well as representatives of the RM department.

Commencing the session, Mr. Qureshi said that this joint effort aims to create new avenues for the financially constrained students at the IBA by providing them an interest-free loan facility on easy installments. Akhuwat will provide loans of maximum Rs. 75,000/- to deserving final year students who will be required to repay the loan amount by their graduation. However, students unable to do so will be given a time extension to return the amount.

Moreover, information regarding the loan facility, the application form and the recovery mechanism was provided to the students.

Commenting on Akhuwat's mission, Mr. Qureshi said "Akhuwat wants to provide benefits and help others unlike other microfinance banks which work for their own profit motives."

Mr. Qureshi also expressed his optimism about having an extended program with the IBA with a greater number of students receiving loans.

The session concluded with a Q & A session.