BOP, Akhuwat Microfinance, NRSP sign agreements for financing through PMYB&AL Scheme.

LAHORE -- The Bank of Punjab has signed agreements with Akhuwat Islamic Microfinance and National Rural Support Programme (NRSP) to extend interest-free financing under the Prime Minister Youth Business and Agriculture Loan Scheme (PMYB and ALS). Through this arrangement, BOP became the first bank to provide financing under PMYB and ALS for onward lending to small business owners and agriculture sector.

Dr. Kamran Shams (CEO - Akhuwat Microfinance), Dr Rashid Bajwa (CEO - NRSP), and Farid Ahmed Khan (Group Chief Corporate and Investment Banking - BOP) signed the agreements. Zafar Masud (President and CEO - BOP), and senior management of the entities witnessed the signing ceremony. Speaking at the event, Dr Kamran Shams said, 'The PMYB and ALS model of offering Shariah-compliant and interest-free financing is an ideal program for upliftment of marginalized segments of the society. Akhuwat will use the program to continue its vision of empowerment and inclusion of marginalized segments...