Karachi: In a launch ceremony held on 18th February 2016, Faysal Bank’s Barkat Islamic Banking becomes the first Islamic Banking division to offer Prime Minister’s Youth Business Programme (PMYBP) under Shariah compliant modes of finance. The ceremony was attended by the Deputy Governor of the State Bank of Pakistan, P&CEO Faysal Bank, Shariah Board Members and the Senior Management of the Bank.
In line with the Government of Pakistan’s objective to curtail unemployment and promote the Small Medium Enterprises (SME) in the country, the Prime Minister’s Youth Business Programme was launched. Under this scheme, Faysal Bank Barkat Islamic Banking will offer Shariah compliant solutions such as Murabaha, Diminishing Musharakah and Ijarah to cater to the needs of entrepreneurs / SMEs.
Speaking at the occasion, Deputy Governor of the State Bank of Pakistan, Mr. Saeed Ahmed, expressed his appreciation towards Faysal Bank for playing its due role in providing financial access to the youth through the PMYBP for starting their own business. He said, “FBL launching the Prime Minster Youth Business Scheme through its Islamic Banking division will enable a lot of young people to avail this facility through Islamic mode of financing.”
Addressing the gathering, Mr. Nauman Ansari, President & Chief Executive Officer of Faysal Bank Limited said, “It is a matter of privilege for Faysal Bank Barkat Islamic Banking to become the first Islamic Banking division in the industry to launch the PMYBP under Shariah compliant modes.”
As Faysal Bank has already announced its conversion into a full-fledged Islamic Bank, this step will not only complement the bank’s future conversion plan, but also strengthen its footprint under this untapped segment through this opportunity.
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a public Limited company under the Companies Ordinance, 1984. Faysal Bank Limited launched “Barkat”, an Islamic banking division in 2009, providing Shariah Compliant products i.e. deposit products, asset products, treasury products, and services to a niche target market of Shariah compliant mindset individuals and entities.
Today, Faysal Bank Barkat Islamic Banking is spread over a network of 68 branches and 1 sub branch in 29 cities across Pakistan.
Prime Minister’s Youth Business Programme is a revolutionary programme for the socio-economic development of youth, in a bid to combat soaring unemployment in the country. It has a broad canvas of schemes aimed at enabling youth and poor segments of population to: Get good employment, opportunities, Secure economic empowerment, Acquire skills needed for gainful employment, Have access to higher education and IT tools, Access to on-the-job training/internship for young graduates to improve the probability of getting productive job.
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