Esaar Microfinance – Interest Free
In recent years, escalating food and petroleum prices have affected urban and rural households at various levels due to difference in their income, food sources, expenditure patterns
as well as coping strategies. The problems of poverty get even worse when people don’t have access to any financial services (through formal or informal sector). Women and children are
particularly the most affected by this situation with no or less access to quality food, shelter, education etc. Under present circumstances there is big demand for micro-financing services
so that people not only have sustainable source of income but can also spend on basic necessities of life.
State Bank of Pakistan’s 2008 annual report highlights huge demand for financial services at grass root level. Specifically in microfinance, there is huge untapped market. The recent medium-term outreach
target set by the Government of Pakistan is ten million active borrowers by 2015. Current estimates suggest that 5% of them will be covered by Islamic Microfinance institutions. Further, this trend is
increasing with the availability of choice in the market due to rising number of Islamic Microfinance Institutions (IMFIs).
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