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.

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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.

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The railway system is being modernised, according to the minister, with state-of-the-art signalling and communications equipment being added.

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