The Role of Islamic Microfinance in Socio-economic Development
A Case Study of Prime Minister Interest Free Loan Programme of Pakistan
DOI:
https://doi.org/10.31098/ijeiis.v2i2.1001Keywords:
Interest Free Loan, Kamyab Jawan Programme, Poverty alleviation, Socio-economic development, Microfinance.Abstract
Prime Minister Imran Khan introduced an interest-free loan programme through a public-private
collaboration as part of the Kamyab Jawan Programme 2022. A huge number of low-income and
susceptible households benefited immensely from this programme. This program's goal is to end
poverty by giving low-income individuals interest-free loans to launch their own small
businesses. Primary data for this research was gathered from 184 beneficiaries of the lenders
who received interest-free loans from the prime minister under the Kamyab Jawan programme in
two districts of Sindh. Records of beneficiaries were taken from two chosen districts, and each
component was chosen using a simple random sampling method. For this study, study
participants of both genders were represented equally. A self-managed device was used to gather
data directly from the recipients of the Prime Minister's interest-free loans. The findings show
that the Prime Minister's Interest Free Loan Program is significantly enhancing the
socioeconomic, economic, and social and political wellness of the recipients. Most survey
participants reported significantly improved financial, personal, and sociopolitical wellness.
Enhanced social, financial, and political wellness were also found to be related to interest-free
loans in one sample binominal assessment. The majority of participants expressed satisfaction
with the interest-free loan programme offered by the Kamyab Jawan programme, believing that
it had a significant impact on decreasing the level of security vulnerabilities and poverty
following the COVID-19 disease outbreak. The study's author suggested that this program's
based on geography reach be increased in some way to attain as many poor and vulnerable
communities as possible.
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Copyright (c) 2022 Muhammad Arif, Raja Sultan, Zahid Hussain
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