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Business Recorder
23-07-2025
- Business
- Business Recorder
KP CM releases Rs8bn for Ehsas initiatives
PESHAWAR: A meeting held here with Chief Minister Ali Amin Gandapur in the chair reviewed the progress on four major programmes being implemented under Ehsas initiative in the province. These programmes include Ehsaas Nojawan, Ehsaas Hunar, Ehsaas Rozgar, and Ehsaas Apna Ghar (Low cost housing project). Besides, Provincial Ministers, Syed Qasim Ali Shah, Syed Fakhar Jehan, Advisors to KP CM on Finance and Inter-Provincial Coordination (IPC), Muzammil Aslam and Dr. Amjad Ali, administrative secretaries of relevant departments and representatives of partner institutions also attended the meeting. The Chief Minister Ali Amin Khan Gandapur announced the release of Rs. 8 billion for the Ehsaas initiatives in the current fiscal year, with Rs 2 billion earmarked for interest-free loans under each of the four flagship programs. Similarly, in a significant move to uplift the merged districts, the Chief Minister directed that dedicated and separate funds be allocated for beneficiaries from the merged areas under all four initiatives. He further instructed that the loan disbursement procedures and requirements be simplified specifically for applicants from these districts to ensure maximum participation and benefit. He emphasized that the people of the merged districts deserve special attention and efforts must be made to enable as many residents as possible to benefit from these schemes within the current year. The Chief Minister also directed the concerned departments to also accelerate the loan disbursement process and to further simplify the eligibility criteria for applicants across the province. During the meeting, a detailed briefing was given on the progress, so far made of the programs. It was informed that under Component-I of the Ehsaas Nojawan Program, being implemented through the Bank of Khyber, Rs. 408 million in interest-free loans have been distributed among 139 beneficiaries, utilizing 100% of the allocated funds. An additional Rs. 116 million is required for 52 more approved cases under the same component. Meanwhile, Component-II of the Ehsaas Nojawan Program, implemented through Akhuwat Microfinance, has also achieved 100% disbursement of its allocated funds. So far, Rs. 602 million in interest-free loans have been disbursed among 3585 beneficiaries, with another 1,745 applications currently under process. It was also highlighted that Akhuwat has achieved a 100% loan recovery rate under this program, with Rs. 42.88 million recovered to date. Under the Ehsaas Hunar Program, Rs. 307 million have been distributed among 647 beneficiaries, while an additional 592 cases are currently being processed. In the Ehsaas Apna Ghar scheme, Rs. 200 million have been disbursed among 76 successful applicants through a balloting process. For the current fiscal year, the eligibility criteria for this scheme have been further relaxed. The monthly income threshold for eligibility has been increased from Rs. 100,000 to Rs. 150,000. Similarly, maximum limit of covered area has also been extended from five marla to ten marla as eligibility criteria under this scheme. These reforms reflect the provincial government's commitment to expanding access to welfare and livelihood opportunities, particularly for youth and underserved communities, including those in the merged districts. Copyright Business Recorder, 2025
Express Tribune
22-07-2025
- Business
- Express Tribune
K-P set to release Rs8b for Ehsaas initiatives
Khyber-Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur announced the government will release Rs8 billion for the Ehsaas initiatives in the current fiscal year, with Rs2 billion earmarked for interest-free loans under each of four flagship programs. A high-level meeting regarding Ehsas flagship projects in the province was held here at Chief Minister's Secretariat with Khyber-Pakhtunkhwa CM Ali Amin Khan Gandapur in the chair. The meeting reviewed the progress on four major programmes being implemented under Ehsas initiative in the province. These programmes include Ehsaas Nojawan, Ehsaas Hunar, Ehsaas Rozgar, and Ehsaas Apna Ghar (Low cost housing project). During the meeting, a detailed briefing was given on the progress, so far made of the programs. It was informed that under Component-I of the Ehsaas Nojawan Program, being implemented through the Bank of Khyber, Rs408 million in interest-free loans have been distributed among 139 beneficiaries, utilizing 100% of the allocated funds. An additional Rs116 million is required for 52 more approved cases under the same component. Meanwhile, Component-II of the Ehsaas Nojawan Program, implemented through Akhuwat Microfinance, has also achieved 100% disbursement of its allocated funds. So far, Rs602 million in interest-free loans have been disbursed among 3585 beneficiaries, with another 1,745 applications currently under process. It was also highlighted that Akhuwat has achieved a 100% loan recovery rate under this program, with Rs. 42.88 million recovered to date. Under the Ehsaas Hunar Program, Rs307 million have been distributed among 647 beneficiaries, while an additional 592 cases are currently being processed.
Business Recorder
02-06-2025
- Business
- Business Recorder
KP govt disburses loans under youth empowerment scheme
PESHAWAR: The Government of Khyber Pakhtunkhwa has disbursed hefty amount in head of interest-free loans across the province under 'Ehsaas Naujawan Programme', aimed at enabling youth to start businesses and secure dignified employment. The project is being implemented under the leadership of Chief Minister Ali Amin Khan Gandapur and the supervision of Provincial Minister for Sports and Youth Affairs, Syed Fakhar Jehan. The Directorate of Youth Affairs, Khyber Pakhtunkhwa, is executing this mega interest-free loan scheme to empower the youth economically. The loans are being disbursed through the Bank of Khyber and Akhuwat Foundation. According to the received data, since the inception of the program, the Bank of Khyber has disbursed loans worth PKR 220 million. Out of received applications in the bank, 145 loans have been approved for viable and income-generating business ventures. Copyright Business Recorder, 2025
Business Recorder
05-05-2025
- Business
- Business Recorder
DIBPL appoints Muhammad Ali Gulfaraz as CEO
KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) announced the appointment of Muhammad Ali Gulfaraz as its new Chief Executive Officer (CEO). Gulfaraz is an international banking executive with over 25 years of international and domestic experience in Corporate & Investment Banking, Strategy, Risk Management and Digital Transformation across UK, Europe and Pakistan. Before joining DIBPL, Gulfaraz served as CEO & Managing Director of Bank of Khyber, where he led major digital, governance, and operational transformation initiatives. His global banking journey includes over a decade at Mizuho Corporate Bank (London, UK), where he served as Managing Director and Head of Corporate & Investment Banking for the UK, Ireland, and Nordic Countries. He also spent more than 12 years with Bank of America (London, UK), rising to the position of Principal in the Global Corporate & Investment Banking Group. Additionally, he served as Executive Director at Fauji Foundation, where he oversaw strategic investments and board engagements across a wide portfolio of companies. Speaking on his new role, Gulfaraz said that it is an honour to join Dubai Islamic Bank, which is part of a strong and dynamic group that seeks to become the most progressive Islamic Financial Institution in the world. Gulfaraz is an alumnus of Cadet College Hasan Abdal. He holds a BA in Economics and MSc in Agricultural & Managerial Economics (Finance) from the University of California, Davis. He has also completed several professional training programmes in London, Tokyo and San Francisco. Copyright Business Recorder, 2025
Business Recorder
30-04-2025
- Business
- Business Recorder
Q1FY25: BoK PAT surges 108pc YoY
PESHAWAR: The Bank of Khyber (BoK) reported an impressive performance for the first quarter of financial Year 2025 (Q1FY25), with its Profit After Tax (PAT) rising sharply by 108 percent year-on-year (YoY) to reach Rs 1.6 billion. The Bank's Net Markup/Interest Income (NII) surged by 45 percent YoY to Rs 5.1 billion, reflecting robust balance sheet management and successful reduction in funding cost achieved during the period. Non-markup/interest income also recorded significant growth, rising by 64 percent YoY to Rs 900 million, mainly driven by gain on securities amounting to Rs 521 million. Operating expenses rose by 15 percent YoY to Rs 2.7 billion, reflecting increase in employee and other administrative costs reflecting the impact of inflation and overall increase in activities of the Bank. As a result of the strenuous recovery efforts and prudent lending strategy followed by Management, the Bank achieved net reversal of provision for Rs 118 million, compared to the net provision of Rs.190 million in the same period last year. Going forward the Bank will continue its emphasis on sustainable profitability, asset quality improvement and diversification of portfolio through proactive management strategies. Copyright Business Recorder, 2025
