KP govt, BoK sign MoU for Raast Islamic Banking Refinancing scheme

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The Bank of Khyber and Department of Industries, Commerce & Technical Education, Government of Khyber Pakhtunkhwa signed an MoU for Raast Islamic Banking Re-financing scheme for modernization and working capital for SMEs in Peshawar on Friday.

Mr. Muhammad Ali Gulfaraz, Managing Director & CEO BOK and Mr. Zulfiqar Ali Shah secretary Industries, Commerce & Technical Education Department Govt of KP signed the said MoU in presence of Mr. Taimur Saleem khan Jhagra, Minister for Health & Finance Government of Khyber Pakhtunkhwa & Mr. Abdul Karim Tordher, Special Assistant to CM KP on Industries, Commerce & Technical Education, Mr. Muhammad Atif Hanif, Group Head Raast Islamic Banking and other senior officials of BOK were also present at the ceremony.

The Salient features of Shariah Compliant Government Supported Subsidized Re-Finance Schemes are unique as applicable pricing for Modernization of SMEs is “zero percent” per annum for first year and two percent per annum for the remaining four years (for purchase of new local & imported machinery and generator up to 500kva) while applicable pricing in working capital is “zero percent” per annum for first year and two percent per annum for maximum two more years.

Speaking on the occasion Mr. Taimur Saleem Khan Jhagra emphasized that scheme is as per vision of our Honorable Prime Minister Imran Khan and is being done for uplift of SMEs in province under the able leadership of respected Chief Minister KP Mehmood Khan.

 

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