Ilyas Maseeh

Loan description:

Ilyas Maseeh lives in a Christian Community called Youhana Abad in the locality of Lahore. He is 44 and married with two sons and two daughters. Him and his wife both work and earn an income. Ilyas Sahib is a salesman, buying garments from wholesalers and re-selling them to retailers with a small mark-up. He earns on average about 13,000 Rupees of profit per month. His wife is a head nurse in one of the most prestigious hospitals in Lahore. Because of her relatively senior position she earns around 60,000 Rupees per month. They were economically secure. However, complications resulted from a court case brought against Ilyas Sahib and his family when one of his male relatives eloped with a young woman - the complications included Ilyas spending time in prison. Ilyas's family took out a loan from a local moneylender to free him and other commitments. However, the conditions of the loan were extremely harsh and involved paying 19% interest per month. The moneylender was also deducting an amount from Ilyas's wife's bank account. The interest alone they paid over the last nine months far exceeds the original value of the loan. The whole family has become stressed and extremely worried that they might never be able to pay off the loan. Ilyas Sahib has therefore sought a liberation loan of 100,000 rupees from Akhuwat to repay the whole loan amount outstanding to the moneylender and then repay Akhuwat in interest free instalments over 20 months. Akhuwat staff will hand over the money to the moneylender accompanied by Ilyas Sahib and request the moneylender to sign an agreement that no further monies are owed to him by Ilyas Sahib and he will make no further request or contact with him.