Youth Loan Scheme May Turns According to Shariah Rules

Islamabad: The Prime Minister’s Program for Youth has far-reaching across the Pakistan, for assisting youth and poor sectors of population to get worthy openings of employment and financial empowerment. Youth Loan Scheme Sharia compliant and Riba-free has been directed through the specialists by Prime Minister Nawaz Sharif.  National Bank of Pakistan (NBP) also confirmed that PM Nawaz Sharif directed Bank to make this Scheme according to Islam. So that main target could be accomplished easily as per requirement of the people.

Banks have received a large amount of applications from the whole country for the youth development loan. Banks are working on this scheme according to the orders of the PM to make this scheme possible earlier for the qualified people. Bank has revealed further information of the requests and applications from all over the district and cities of Pakistan, sources confirmed.

[alert style=”white”] It is said that all those who have satisfied the criteria would be accessible for the loan. So far banks have accepted around 6,000 applications which is less than expectations. [/alert]

Earlier, Maryam Nawaz has also desired to make Youth Loan Scheme Interest-Free but nothing much happened in this regard. Interest is part of this scheme and Government hasn’t announced to eliminate it.

Interestingly, government is asking banks to make this Loan Scheme to compatible with Islam. Many critics believe that PML-N Government shouldn’t direct banks to make scheme Shariah compliant because bank can’t do it due to government policies. So it’s necessary for government to make mechanism Islamic and then ask banks to follow it.