Apart from Commercial, Retail and Corporate Faysal Bank is also engaged in Islamic banking activities. This is the first time that an Islamic Banking division has launched PMYBP which stands for Prime Minister Youth Business Programme, in accordance with the rules that are followed under Shariah compliant.
PMYBP is a program that provides funds to unemployed youngsters, especially who are educated and looking to establish new enterprises. Many underdeveloped and the developing nations have tried to wipe-out the intensity of unemployment, which seems quite prevalent and widespread among these countries. The reasons and causes for this have remained subject to different interpretations depending upon the specifications, demographics, and regional profiles of different countries.
Faysal Bank Limited-Barkat Islamic Banking becomes the first one to start this program according to the rules of Islamic Principles, offering facilities such as Murabaha, Diminishing Musharakah & Ijarah to cater to the needs of individuals / SMEs / Consumers.
Some of the main features of PMYBP include Islamic mode of financing through Murabaha, Ijarah & Diminishing Musharakah.
Basis for Rental / Profit rate, as per SBP regulations: 6.00% fixed for Customers. Government will pay the difference of the cost at KIBOR+500bps. Maximum financing limit up to Two Million. Also, Diminishing Musharakah share 90% (maximum) 10% (minimum).
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