Akhuwat Islamic Microfinance is a variety of products that provide free loans that are designed to meet the specific needs of the borrower.
Note: Different types of loans are offered depending on the availability of financial resources/funds at the time of application.
Purpose of the Islamic Microfinance
Akhuwat is a non-profit organization based on the Islamic principle of moon or solidarity 2001. The concept of Makhatah is before 622 CE when the Prophet (peace and blessings of Allaah be upon him) urged the residents of Medina (Ansar) to share half of his goods with the refugees (refugees) who were forced to flee from persecution and Mecca. From Medina to Medina. Inspired by Ansar’s generosity, brotherhood believes that if a rich family embraces a lesser fortune today, inequality will be eliminated from the world.
Akhuwat Housing Loan
There is a purpose of the housing loan, which is to provide a financing facility for the renovation of houses, the construction of rooms, the construction of roofs, walls, etc.
Generally, these are given to those poor families who occupy a piece of land or a house of up to five marlas and whose family size increases to or above eight members.
Features of Housing Loan
Amount of Loan:
Rs. 30,000 to Rs.100,000
Duration:
Up to 36 months
Profit Rate:
0%
Interest Rate:
None
Initial Application fee:
Up to Rs. 200
Post Approval Application fee:
None
Mutual Support Fund Contribution:
Optional 1% of loan amount