Efforts of Akhuwat Microfinance Bank for the provision of interest free loans to the deserving and poor people is appreciable: Chief Executive Officer FESCO

Business News English

Faisalabad, October 13, 2021 (PPI-OT): The efforts of the Akhuwat Microfinance Bank for the provision of the interest free loans to the deserving and poor people and creation of a compassionate and prosperous society on the principles of brotherhood and companionship of Madinah is appreciable, said Chief Executive Officer (CEO) Faisalabad Electric Supply Company (FESCO), he was addressing a ceremony held at FESCO central mosque to distribute the cheques worth 6 million among the 132 people. Engr. Bashir Ahmed further said that Akhuwat has provided interest free loans under the Ehsaas program to millions of people and this noble cause is imitative for the pleasure of Allah.

The different projects of the Akhuwat including Akhwat schools, colleges, cloth bank, food bank, health services, fountain house and housing schemes are playing their pivotal role for the creation of a welfare society. Member Standing Committee Dr Khalid Mehmood Shouq, Khalid Mehmood, former Chairman APTMA renowned industrialist Ch Habib Gujjar also addressed the function and said that dream of Dr Amjad Saqib come in true through Islamic MicroFinance which is base on the sacrifice and brotherhood. They said that Akhuwat has distributed 150 billion among the 4.5 million families while its recovery is 100 percent. Later, CEO Engr. Bashir Ahmed distributed the cheque among the deserving families.

The Revenue Division Ministry of Finance has imposed a new rate of the Extra Sales Tax on the monthly electricity bills of the non-filers/non-active industrial and commercial electricity consumers. Under the new SRO it would not be implemented on the active/filer taxpayers while for the non-active/non-filer industrial consumers rate of the Extra Sales Tax would be 17 percent. Similarly, the rate for commercial consumers’ electricity bill up to 10 thousand would be 5%, up to 20 thousand 7%, up to 30 thousand 10%, up to 40 thousand 12%, up to 50 thousand 15% and over the 50 thousand electricity bill rate of the Extra Sales Tax would be 17%. New tariff would be implemented immediately.

For more information, contact:
Faisalabad Electric Supply Company (FESCO)
West Canal Road, Abdullah Pur, Faisalabad,
Pakistan.
Tel: +92-41-9220184-0229
Fax: +92-41-9220233