Islamabad: According to news reports, the Ministry of Railways and Akhuwat Islamic Microfinance inked a Memorandum of Understanding (MoU) on Monday (November 29) to provide interest-free loans to Pakistan Railways employees for the construction of their homes.
Railways Minister Azam Khan Swati and Chairman of Akhuwat Islamic Microfinance Dr Amjad Saqib signed the deal. The microfinance institution, Akhuwat Islamic Microfinance, will provide loans to low-income employees for the construction of their homes, according to the specifications.
During her speech at the occasion, Railways Minister Swati announced that employees will be given interest-free loans for their children’s education. Loans for seven employees had been authorised, he noted.
The railway system is being modernised, according to the minister, with state-of-the-art signalling and communications equipment being added.