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Office # 483 Ground Floor, Block 2 Sector B-II, Near Chandni Chowk, Township Lahore Pakistan

FAQ - Al-mawakhat Microfinance Co. Ltd.

FAQ

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Frequently asked questions

Is Al-Mawakhat (AMCL) Islamic? How?

Yes! Al-Mawakhat is truely Islamic & Interest Free. We work on a Product based system. We sell you a product which you are willing to purchase.

Does AMCL provide a Loan / Qarz-e-Hassan Facility?

No! AMCL neither provides loans nor gives Qarz-e-Hassan. AMCL is islamic but it is not a welfare organisation or NGO to provide Qarz-Hassan.

What is the Processing fee of submitting an application?

Rs.1500 is the non-refundable application fee in both cases. I.e. if the application is approved or declined.

Does AMCL provide facilities on actual market price or they charge an extra amount / profit / interest? If yes then how much?

Yes! AMCL takes a certain amount of Profit on an Instalment plan per annum. AMCL does not charge any kind of interest, it is totally islamic.