Speaking at a ceremony held at Governor House Karachi, Governor Sindh Muhammad Zubair praised the efforts made by Careem in helping bring a revolution in transportation industry. He specially praised the efforts of Mudassir Sheikha, co-founder of Careem Networks, for his vision and his team's seamless execution.
Regarding this achievement Junaid Iqbal, MD Careem Pakistan said, "We strive to ensure our Captains are able to start their journey towards financial sustainability and our goal is to continue to ensure opportunities for the maximum number of people. We are very proud of the scheme and how far we have come in such a short amount of time."
Basir Shamsie, Deputy CEO JS Bank, said that JS Bank launched this scheme in an effort to provide a fair opportunity to run their own business and be entrepreneurs. "We strongly believe that public-private partnerships, backed by technology solutions, create a strong shared economy that helps spread the benefits of entrepreneurship to all its people", he added.
He said that in order to further strengthen our proposition for the deserving Captains of Careem, JS Bank has also collaborated with the Mahvash & Jahangir Siddiqui Foundation to provide them with an additional equity support.
Mudassir Sheikha, Co-Founder Careem mentioned it's a pleasure to have collaborated with JS Bank for this great initiative. He shared the history and vision of Careem along with appreciating the collaboration mechanism developed by JS Bank to provide a viable solution to promote entrepreneurship in Pakistan.
Careem Captains clearing a performance criterion are eligible to apply for loans through JS Bank to purchase their own vehicles and drive independently for Careem.
The programme has proved to be immensely popular with Careem Captains and has already contributed in over Rs 1 billion in the automotive industry through purchase of cars. Prime Minister Youth Business Loan (PMYBL) is a programme initiated by the Government of Pakistan, aimed at socio-economic development of the country's youth. Under this agreement, JS Bank is offering subsidized loans at a 6% mark-up rate, in an effort to facilitate entrepreneurship in Pakistan.
Copyright Business Recorder, 2017