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Islamic Micro Finance

Islamic Micro Finance

Pakistan is one of the most promising markets for Islamic Microfinance. NAYMET has setup Islamic Micro Finance (Interest Free) program engaged in providing a range of cost-effective interest free Micro finance services to the individual from the deprived community with the meager family income. Through this initiative we focus those whose lives were afflicted by poverty and travail but their hope is alive still to cope up the challenges putting their efforts to be sustainable. There is no interest on these loans and the only extra cost that may be charged on these loans is the amount of money required to cover the administrative and processing costs. Our application and loan disbursement procedures are designed to be helpful to low income borrowers – they are easy to understand, locally provided and quickly reachable with nominal paperwork.

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Products:

NAYMET currently offers three Islamic Microfinance products. These products are Shariah compliant as well as practical.

1-Qarz-E-Hasna

Qarz-E-Hasna loans are offered by NAYMET for the establishment of a new business or the expansion of an existing one. NAYMET would like to continue to place emphasis on provision of such loans. There is no profit on these loans and the only extra cost that may be charged on these loans is the amount of money required to cover the administrative and processing costs.

2-Murabaha

It is s a straight forward sale and purchase arrangement. The client and NAYMET agree the sale of a set of goods. Murabaha is an Islamic financing structure that works as a sales contract, fixing the price of goods or items as required by a customer, inclusive of a pre-agreed profit margin.

Murabaha is a straight forward sale and purchase arrangement. The client and NAYMET agree the sale of a set of goods. The sale price includes a profit for the seller (NAYMET). However, this is disclosed to the client. The client then pays off the total cost over an agreed period of time, with no changes to the negotiated price.

NAYMET started islamic finance with Murabaha product. Murabaha at NAYMET is being carried out with agency agreement. Murabaha is popular in the sectors of Live Stock,groceries, Commodities for small shop and street hawkers.