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  What do you think about youth loan scheme introduced by GOVT

Ghauri said:    

With growing population it will be nearly impossible to create jobs for our youth of job able age. Only way to revive the economy or create employment opportunities is to create self employment. Now if 20% of these loans go to serious and honest people who wants to use the money only to establish a business, then it can be believable that we may see large number of jobs created. A small enterprise will minimum employ two to three people plus the owner himself.

Obama did exactly that he doled out billions to industry in 2009 financial crises to create jobs and revive economy.

In the end it is all about the intent of planners.

Ali said:    
Right. However, no mechanism is available for mentoring and hand holding those 20%. Unfortunately this is only the fire fighting stunt.

Khan said:    
But what you think about interest which is Haraam in ISLAM ????? do you think we can go against Islam ????i m sure you will say NO .... if we go against ISLAM THEN how can we achieve our goals????

Shahzad said:    
We hope to have these loans invested in positive direction.

Humera said:    
Extension of small loans after correct identification of deserving young entrepreneurs who do not have to be BBA or MBAs but possessing skill can play an important role in development of the micro and SME sector of any country. The question is will we make the right extensions....if yes its definitely a step towards the right direction

Danish said:    
I think the government should also regulate the investment of these funds. There should be continuous check and audits of beneficiary. Only then you can assure the loan is used in proper manner.

Khan said:    
Everyone giving comments about loAns but avoiding to talk about WHAT ISLAM SAYS ABOUT INTEREST

Ghauri said:    
Khan. Maybe because we are not qualified to comment either way..but if any scholar will have his views shared with us...all will benefit..

Fahad said:    
I think bootstrapping in all ways is great. It makes a person realize the real costs, the stress makes him understand the importance of money and once he bootstraps his career he will never inshaAllah have to ask for a job.

Humera said:    
Hope if someone comments on this is a qualified and learned scholar not an extremist who is just conversing to be negative about some thing from which a lot of un-employed and jobless people can benefit. Am no politic person HATE politics but right now a lot of our jobless young people need to get going and support their families.....

Ijaz said:    
Ghauri sb, can you tell me the business in Pakistan which can return you (39,800 + Profit) with the investment of 2 Million PKR? A business which an ordinary person can run and earn some money after paying the installment + running expense each month?

Khalid said:    

However, conventional Islamic financing is not available for such enterprises as the Islamic financing usually requires any loan to be asset-based. At this stage, most of the borrowers simply have an idea which cannot be valued let alone act as security.

Unfortunately mentoring does not work Ali Sb, as (i) most entrepreneurs would be unwilling to give their time unless they have a vested interest; and (ii) the start-up's owners show a reluctance to listen or take on-board advice from 3rd parties. Regrettably this is within the Pakistani psyche.

The main thing is that public funds are not at risk- it matters less if the ventures are a success. As I am sure Ghauri Sb will confirm failing is all part of entrepreneurs progression.

Khalid said:    
Also, I forgot to add it would be unconstitutional for the Govt to lend money without seeking a return on the investment. If it simply gave the money away, it would be charged/accused of wasting funds. Sure the best thing would be for the Govt to simply invest the funds allocated to this project in a high interest fund abroad, but that will do little to encourage entrepreneurship

Khan said:    
Humera mam one who snatches the mobiles also supports their families but that is also HARAAM PAISA ...and ISLAM says a little particle of haraam will come out in any shape which we cant think even .....and that day we will regret .....

Humera said:    
Waisay frankly speaking nobody is forcing anyone to avail a loan.....nai laina to naa lain and if taken use it for the right cause. "Cheers and Pakistan Always Zindabad".

Murad said:    

Ghauri, KhAn, there can be a solution of the point "interest" but with the help of Muftiyan e Kiram only. And I believe we love Islam and Pakistan but sorry to say, most of the activities, events, sales/purchases, jobs, or done by us without asking from some Mufti e Islam. We do business which may be against the Islamic laws but we do not even ask to any Mufti Sahb to guide us. Same is case of our purchasing as well. The solution to this loan scheme can be asked from muftiyan e kiram only.

(Waisy apas ki bat hey buht kam log loan lainy me kamiyab hun gy bcoz of its terms and conditions like guaranty of some guzted officer is near to impossible for the deserving ones)

Qadri said:    
Islam restrict about the loan ........ and loan with interest, it is against Islam.............. I forcefully condemn this

Khalid said:    

Other point re: guarantor. As a corporate lawyer, I often hear this term banded around. The bottom line is: a guarantor, or a guarantee, is only worth something if the person giving it has an underlying asset (preferably liquid asset) that can be called on in case of default.

Whether or not the Govt carries out any due diligence of the guarantor has to be taken into account.

Going back to interest/riba- this isn't the forum for such a debate. But those condoning riba haven't proposed a way that this project can be undertaken using Shariah finance. So what is the alternative? Do nothing....

Yes it is a politically motivated promise- but don't all politicians make such promises? Even maulvi's have started....

Faheem said:    
we youth do not need such loan with interest .islam main interest ahsa hi ha jahsa ka apni mother sa rape karna.Istagfirullah

Murad said:    

Dear Khalid sahb, you were expressing your points, it is ok, but in the end line shows some extremism to words a group of people (called maulvies) and I think it should no be so.

2nd in my personal point of view ( have not asked from Muftiyan e Kiram) that one solution can be discussed that the person and government can start a business in partnership or not? This point may solve the interest issue but final approval should be from Muftiyan Kiram only.

Abdur Rehman said:    
we need small entrepreneurship in our country............Great thinking but without interest

Sultan said:    
without interest it is a good plan. As it is with interest so we should have to discourage it

Parvez said:    
To get jobs in firms that run on sood money is ok, to go and earn abroad (where entire economies are based on sood) is ok, to sit at home doing nothing and cursing the world/Govt. for not providing jobs is also ok. One feels sorry to note that, leaving exceptions like ijaz and Khalid etc., no one can even criticize positively. Then we wonder why this nation doesn't move forward!

Khan said:    
Murad i agree with u what MUFTI Will say the solution .....but MUFTI will say exactly the same what ISLAM says ....and ISLAM Says interest is haraaam .

Faheem said:    
Everybody knows that to do job in banks where they are involving interest is haram and saving accounts is also.The people which are shouting ,of course they are not involved such kind of activities and jin ka dil main chor ha un ka b pta chal raha ha.

Faheem said:    
Parvez sb i am jobless and i do not need such kind of loan.Even by seeing in a glance 8 percent interest i do not read it fully. Raziq is Allah and surely we muslims should believe.

Murad said:    
Dear Parvez sahb, you are right doing job in firms that run on sood money but their actually work is according to Islam like someone got loan from bank on loan and started business of some store like metro, is fine, same working as per Islamic rules and regulation in abroad where whole economy is running on sood is also OK. I am sorry to you but I think you r just missing the point of discussion, discussion not about working or doing job, discussion is about sood loan should be availed or not. Simple answer is no but as I have already requested that it should be presented in front of Muftiyan e Kiram to solve this issue. Me or you are not the authorities of Islam to pass any comments. In last we only should ask to Muftiyan e kiram only. Thanks

Iqbal said:    
What about the all the interest "sood" things in it ... I mean I would have really wanted to go for it but due to this factor I am avoiding it!

Khan said:    
Parvez dear ppl r not criticizing but saying it is haraaaaaaaam in ISLAM ........ it is v simple to understand that everything which goes against ISLAM will never give benefit in the long term and little particle of haraaam will come out in any shape which even we cant think ....and surely we will regret on that day .....

Murad said:    

I went to shop where motor bike can be purchased on installments, I asked to purchase a 3 wheel motor bike for me on installments. They give me paper on which terms and condition were mentioned. I took that paper to Darul Ifta Ahl e Sunnat to confirm from Mufti sahb about this purchasing, Mufti sahb read that paper and mentioned one point to be changed and remaining contract is OK. What that point was? Only to rephrase sentence according Islamic sharia and now contract will be fully allowed.

Although our my contract was signed between me and dealer but due to guaranty issue he rejected my contract and I could not purchase.

That is why we are asked by Islam to go to Muftiyan e Kiram to solve any issue, just do not be restrict upon our ideas. Bcoz if Mufti sahb will reject the proposal then he will also offer some alternate solutions as well.

And believe me dunia bhar k economists one side and a Mufti sahb on other side still Mufti sahb has better solutions to all our problems. I believe

Maryam said:    
The course of the discussion has entered into a different spectrum and being Muslims this is our firm faith that 'sood' or interest is strictly forbidden in Islam,however there are many who want to modify the teachings of this precious and pure religion to please their whims and fancy by insisting that interest based loan is permissible in our religion.In my humble opinion, discussion for the sake of discussion should not be entertained at all, as we all know what the reality is,even those who insist that interest is allowed in Islam( Allah please forgive me for this)

Abida said:    
This is what ALLAH instructs us in Quran يا ايها الذين امنو لا تاكلو الربی سورة الانعام......ايه 130 اے ایمان والو....! سود ہرگز مت كهانا

Khurrum said:    
For all those replying and mentioning interest, please suggest an alternate. You cannot expect the govt to dish out interest free loans. That's simply not possible in today's economy.

Masood said:    

Before elections (during PMLN ruling in Punjab) a research paper was written by #PMLN under the guidelines of Mian Nawaz Sharif named "Youth Vision" which was later on re branded as “PM Youth Vision” as we knew once a party comes into power it has many tough decisions to make and a key role to play in turning the economy for the better. Based on our experience we knew one cannot provide jobs unless we fuel entrepreneurship amongest the citizens of Pakistan. Due to the geopolitical scenario at that time it was pretty clear that we will not see investments pouring into the country if we do not provide proof to the world that Pakistan is still a lucrative market to invest in and our manpower is no less versatile & hardworking than of other developing nations in fact it is above par with the developed nations workforce and we proved our point by establishing and delivering under the Plan9 umbrella So PM Youth Vision is not something drummed up during a late night sitting with friends or due to the fear factor that local body elections are underway. It part of a greater vision and step by step implementation of PM Youth Vision is underway and it will be monitored accordingly for results

It was not a rocket science to know that education is not a key performance indicator in qualifying a citizen for the loan in-fact a strong feasibility study and a solid skill set in the set field is a good economic indicator for the project to be viable and that it will be able to deliver ROI to the investor in this case the involved financial institution. Also the role which a guarantor plays in this whole process also gives safety and security to the bank.

In the 2nd step we have launched PM Youth Business Loans so that those able people who have aptitude for entrepreneurship can get loans on easier terms and play a vital role in introducing employment opportunities within the country.

Our 3rd step is to introduce other schemes as we move further along the line, some of them are already being implemented and others are waiting to be launched at the right moment and maybe tweaked if our periodic monitoring system picks up something new:

Youth Training Scheme - For those who need coaching to further develop their aptitudes.

Youth Skills Development Scheme - For those who need to develop of polish their skills.

Provision of Laptops - For meritorious scholars/students who can use it to further study or work from home.

Fee Reimbursement for Poor - For those who cannot bear their education cost.

Qarz-e-Hasna Scheme - For those who cannot fetch guarantors, would be allowed to receive pre-approved loans on easy terms. Details:

Minhas said:    
anjaam rub jane or aghaz hum jane wah kia philosphy hai ?

illusion said:    
NBP FIRST WOMAN BANK and SEMDA had rejected this youth loan scheme its is loll i pop 2 crore has been collected so far in thee form of applications

Ashfaq said:    
You all are educated people simple answer for this interest stuff is make them partner and they gain with profit and loss with loss everyone gets help and all is done within the fold of Islamic limits set, point is if intentions are pure solutions are their otherwise spend your life arguing halal haram and do nothing keep population poor. May Allah swt guides us all aameen.

Ibrahim said:    

My question: Do you think with no electricity, gas, basic necessities this loan will actually help start ups? Secondly, what do you as rationale human suggests, 1 billion rupees for so called, Loan to youth or pay 1 billion rupees to respective institutes so they start producing more electricity and all unemployed people can go back to their work which was initially halted by load shedding in industries?

Last but not the least: Rs. 100/- per Application submission fees and as per last reports, 30,000,00 approx. applications have been submitted, so where is that revenue going? Or han beshak: Dilon k haal Allah he jaanta hai.

Azam said:    
I think money has been lesser of a problem, the bigger issue is environment and ideas to invest in.

Amir said:    

I think the biggest problem I see or for me is not the money but the ideas and penetration in new markets. With no skilled labour, mass shortage of energy and poor attitude of my countrymen. I don't see it happening easily.

The problem is we all say, let build enterprises but how.? The problem is,foreign investor is not interested with us on new or any old ideas. Their inclination is towards India. Clearly, for any business to grow you need a strong and fair state control and management. Which is not there.

In my understanding we are too late in comparison with our neighbour. Now they dominate the markets all over the world. While we are still planning to start from abc.

Rajput said:    
is kisam ki loan schemes wahan kam kerti hain jahan app k education system or socity main entrepreneur banny per zada focus dya jye hmara talemi nezam asa nahi hy jahan ham ideas or un per kam kerny k bary main soch saky to phr pesy ho ya na hon koi frk nahi perta

Hasnain said:    

Good say but I am more interested in how a youth will actually get the loan b/c the talented and well connected youth already can get the jobs fairly easy and the troubled youth who are target of the loans can hardly meet the terms of the loan like a guarantor who declares his assets to bank 1.3 or 1.5 times the loan .

to reply Rajput, Education and entrepreneurship may be the problem in majority of our country but there are always exceptions and we all know friends who are young and talented want to improve their situations and don't have enough back both monetary and of family support to do business. There is a %age even if minor which can actually benefit from the scheme and not only improve their conditions but also benefit the country itself. Mr. Ghauri did said and i quote "Now if 20% of these loans go to serious and honest people" so saying "No this won't work, we are not enough educated or talented for business" is simply something i disagree with strongly

in reply to Mr Riaz, We have the worlds best talent and most diligent and hardworking people too.

Our neighbor may have the dominance of the market but there is always black sheep, they have also established some bad image in the market as well. I am sure you had heard of them, some reference is Overseas credit card scam exposed(indian) -

Rajput said:    
Hasnain i am saying same we are not enough educated for business but one more thing our economy is not in good condition jo log business ker rahy hain yahan to un logon k lye survive kerna mushkil ho gya hy so how new business will run

Hasnain said:    

Dear Mr. Rajput, I think and know that if you just start increasing the number of entrepreneur from small number and they are able to sustain their business, not only they will support back the source of their initial relief and set an example for others to follow but a positive vibe will be created amongest them. Its just like if you are put in good environment you get better and if bad is the company you do worse

As far as the matter of economy and how a new business will run is concerned its simple as the definition of entrepreneur : There is always a risk and your idea should solve a problem to which you are yourself a strong advocate of.... Its not maths of 2+2 but a science of what you are will to do and prepared to give up for your dreams

I strongly agree with KhAn that the loan is not ideal with Islam itself and should be avoided. But dear Mr. KhAn there are problems to which Islam has given relief to and reduced the strictness in worse case scenarios like a person not able to fast due to old age, a person not able to support his family Must still work. So I also agree with Mr. Ghauri that a scholar should be the one to confirm the verdict of Islam for the case. In addition there should be cases where the loan will be haram and some may be there where it MAY BE halal

shah hussain dir wa said:    
students loan is not only the proper solution of our joblessness but the gov is responsible to take some serious initiatives for the welfare of young generation.

Nisar ali said:    
its very good for student bcz now days the population are going very high.

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