Akhuwat Islamic Microfinance Loan is a financial product designed to provide interest-free loans based on Islamic principles. These loans are aimed at helping low-income individuals and small businesses in Pakistan. Instead of charging interest, Akhuwat Foundation uses Shariah-compliant methods like profit-sharing or rental agreements, making the loans ethical and accessible. The loan can be used for various purposes, including business growth, education, and personal needs. To apply, visit an Akhuwat Foundation branch with your ID and financial details, and the Foundation will guide you through the process.
How to Apply for Akhuwat Islamic Microfinance Loan 2025?
Applying for a loan from Akhuwat Foundation is straightforward. Here’s how you can do it:
Visit an Akhuwat Foundation Branch: Go to your nearest Akhuwat Foundation branch to inquire about loan options and eligibility.
- Fill Out the Application Form: Complete the loan application form with your personal, employment, and financial details. You can also start the application online via the Akhuwat Foundation website for some loan types.
- Submit Required Documents: Provide necessary documents, such as your CNIC (ID card), proof of income, Foundation statements, and any other documents required based on the loan type.
- Loan Evaluation: Akhuwat Foundation will evaluate your application based on Shariah-compliant criteria, including your financial standing and the purpose of the loan.
- Approval and Disbursement: If approved, the loan amount will be disbursed according to the agreed terms, often using Islamic financing methods like Murabaha or Ijarah.
- For more details or to apply online, you can visit the Akhuwat Foundation official website or contact their customer service.
Akhuwat islamic microfinance loan interest rate
Akhuwat Foundation offers various types of loans, including personal, home, and car loans, each with different interest rates. The interest rate for an Akhuwat personal loan typically ranges between 15% to 20% per annum, depending on the borrower’s profile, loan amount, and repayment period. For home and car loans, the rates can vary, often starting around 9% to 12% per annum.
These rates can change based on market conditions, loan type, and borrower eligibility. For the most accurate and up-to-date information, it’s best to visit the Akhuwat website or contact a branch directly.