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Meeting held to review progress on Micro Finance Banking for youth

July 8, 2014

A high level meeting presided over by Finance Minister and Jumaat e Islami Ameer, Sirajul Haq was held here on Monday, regarding launching of loan scheme for skilful male and female for purchase of small instruments and equipments for starting small business ventures of Rs. One billion investment under Islamic Micro Finance Banking system in Khyber Pakthunkhwa.

The meeting deliberated on establishment of Micro Finance Division at Bank of Khyber (BoK) and various proposals for provision of vocational skills to unemployed youth came under discussion.

Managing Director BoK Imran Samad, Sharia Advisor Abdus Samad, Additional Secretary Finance Kamran Khan and other senior officials attended.

The meeting was briefed at length regarding establishment of Micro Finance Division, encouraging youths to launch owns business initially with support of BoK branches at Peshawar and Mardan divisions.

The Finance Minister was told that initially 5,50,000 unemployed youth of KP would be benefited from this goal oriented scheme while different machines would be purchased for more than eight lakh youth under Islamic Micro Finance Division that will enable them to get dignified jobs.

The BoK would get a nominal share from the profit while maximum profit would be given to businessmen.

The Minister said Govt wanted to empower youth by providing them every best possible facilities at their doorsteps.

He directed management BoK to promote Islamic Micro Finance Banking in KP and make efforts to benefit people of low income groups and unemployed skilful youth.

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Source: Frontier Star (Pakistan)

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