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Wednesday, May 22, 2024

HBL and Akhuwat Islamic Microfinance team up to provide interest-free financing

This partnership reflects HBL’s unwavering commitment to promoting financial inclusion and uplifting the lives of individuals and communities.

HBL and Akhuwat Islamic Microfinance have signed an agreement to provide interest-free financing to individuals and small businesses under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS). The partnership represents a significant milestone in HBL’s mission to foster economic growth and social progress, with the potential to positively transform the lives of countless individuals.

While sharing his thoughts on the collaboration, Khaqan Khan, Head of Financial Institutions and Global Remittance Business – HBL, said “We are pleased to join hands with Akhuwat Islamic Microfinance and extend interest-free financing through the PMYB&ALS scheme. This partnership reflects HBL’s unwavering commitment to promoting financial inclusion and uplifting the lives of individuals and communities. We believe in empowering entrepreneurs and enabling them to realize their dreams and this agreement is another significant step in that direction.”

Read more: HBL Microfinance Bank partners with SCO to establish first-ever Software Technology Park in Skardu

Kamran Shams, CEO – of Akhuwat Islamic Microfinance, expressed his gratitude for the collaboration with HBL by saying, “We are honored to partner with HBL and be a part of the PMYB&ALS scheme. This agreement presents a remarkable opportunity to advance financial inclusion for the marginalized segments of society. By providing interest-free financing, we aim to empower individuals and communities, enabling them to create sustainable livelihoods. Together with HBL, we are determined to make a meaningful difference and contribute to the socioeconomic development of our nation.”

Important to note, HBL has often shown commitment to uplifting Pakistan’s entrepreneurs by launching initiatives or taking part in government programs aimed at the financial strengthening of the community. HBL’s digital channels continued to play a significant role in shaping Pakistan’s financial landscape.

Amidst inflationary pressures, interest-free financing is a boon that small businesses and individual entrepreneurs could take advantage of. HBL had previously delivered successful financial inclusion projects and this scheme would provide another opportunity to support small businesses and entrepreneurs in need of financing.

Read more: HBL signs agreement for Prime Minister’s Youth Business and Agriculture Loan Scheme