Lahore: The Punjab government is considering an interest-free Islamic microfinance model to fund the construction of low-cost houses under the Naya Pakistan Housing Programme (NPHP), according to news sources.
Provincial Minister for Housing Mian Mehmood-ur-Rasheed and Chairman Akhuwat Foundation Dr Amjab Saqib discussed the proposal at length, during their meeting over the weekend.
Minster Rasheed remarked that the government was keen to facilitate the low-income society groups in any way they could. He revealed that a large number of people were showing a keen interest in NPH and proposed for Akhuwat Foundation to issue a loan of PKR 500,000 to successful applicants.
In response, Dr Saqib said that the foundation would award loans for the scheme if the federal government cooperated with them.
Earlier, the provincial government had approved funds of PKR 500 million in order to execute NPHP in a timely manner. It had also completed the balloting process in various districts and had announced that many foreign investors from China, Turkey, Canada and the United Arab Emirates (UAE) had shown an interest in the project.