Bank of Punjab Collaborates with Akhuwat Islamic Microfinance to Provide Subsidised Business Financing for Youth

Pakistan-based Bank of Punjab (BOP) has signed a Memorandum of Understanding (MoU) with Akhuwat Islamic Microfinance (AIM) to provide financing to applicants referred by AIM under the country’s Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme, according to local media reports.

The MoU was signed by Zafar Masud, President/Chief Executive Officer (CEO) of BOP and Dr Muhammad Amjad Saqib, Founder and CEO, AIM, in the presence of Usman Dar, Special Assistant to the Prime Minister on Youth Affairs.

Under the collaboration, subsidised loans will be granted to small business owners with a satisfactory track record with AIM, and those with increased funding needs. According to local media reports, this will help small business owners with the banking s...