It has been decided by the government to launch an Islamic financing facility for youth under its flagship Kamyab Jawan programme.
The dos and don’ts of this scheme were discussed by the Special Assistant to Prime Minister (SAPM) on Youth Affairs Usman Dar and State Bank of Pakistan (SBP) Governor Reza Baqir during a meeting.
As per the officials privy to the development, conventional banks will be engaging in Islamic financing for the youth.
Usman Dar explained how the facility will work and said that it is in accordance with the tenacious demands of the youth for Islamic financing.
In this regard, consultations with the State Bank and all relevant stakeholders have been completed.
Under the Youth Entrepreneurship Scheme (YES), loans are being given to the youth after an inspection in the first phase. Then in the second phase, the successful applicants are entitled to Islamic financing.
Also read: Kamyab Jawan Programme Introduced in Sialkot
It is pertinent to mention here that the Youth Entrepreneurship Scheme was launched under the flagship program of the Kamyab Jawan Programme back in October 2019. Under this program, Rs100 billion was allocated for providing loans to youth ranging from Rs100,000 to Rs5 million. They were given to the youngsters who would come up with practicable business ideas.
The special assistant said, “Some 1.3 million youth applied for the loan scheme in merely 15 days which brings it into the international spotlight as a team of the United Nations has discussed this Kamyab Jawan programme for attracting such a large proportion of youth.”
Interesting: How to Apply for Kamyab Jawan Programme Online