IKRF Targeting 170k Job Opportunities

The Imam Khomeini Relief Foundation created 102,000 jobs over the past fiscal year (ended in March) and wants to put 170,000 people on the pay roll this year.

“Job creation schemes will focus largely on home-run businesses because families under IKRF coverage are not able to start big business immediately. They have to start small,” Mansour Borqa’ei, deputy chief of IKRF, was quoted as saying in a report on the foundation’s website.

Nevertheless, the ceiling of Qard al-Hassan (interest-free) loans, which the foundation offers to IKRF-supported families to start some business, has been increased from 150 million rials ($4,000) to 200 million rials ($5,200) this year.

“To provide greater support for entrepreneurships, the IKRF is planning to increase the ceiling of the financial assistance further to 500 million rials ($13,000) by drawing on alternative sources,” he said without elaboration.

Given the overall inflation and rising costs, the present loan amounts may not be sufficient for the launch of projects. Therefore, the statute allows two members of one family to apply for loans simultaneously so that they can set up larger businesses.

Empowering those in need by providing work opportunities is a top priority of the IKRF. Over the past three years, 20% of new jobs have been created by the foundation, according to Borqa’ei.

Imam Khomeini Relief Foundation is a charity founded in March 1979 and named after the founder of the Islamic Republic. It provides support for the needy and deprived. Its aim is to help low-income households gain financial stability. The foundation is supported by the government and is one of the beneficiaries of zakat and khums. It also has charity boxes installed all across the country to gather donations.