Hello Financial Aid Committee,

                  I was concerned about how to explain my situation, but now I have the option to share my financial background. I’ll go through everything one by one.

 

1. My Background:

            I am from a small town in the district of Mardan, Khyber Pakhtunkhwa, Pakistan. My family is not particularly literate, as my father dropped out of school in the ninth grade and my mother in the sixth. As a result, neither of them has sufficient access to modern financial systems.

     

 

2. Papa’s Business Background:

                My father worked in Malaysia until October 2019. But, for financial reasons, he returned to Pakistan.

When Papa returned to his hometown in October 2019, he didn’t have a single penny in his pocket, and we were completely bankrupt.  but thanks to our family they helped us in that harsh time.

After being unemployed for two to three months, Papa was getting closer to the point where he might lose consciousness. However, one of my uncles gave him a loan at that point so he could open a small vegetable shop in the main bazaar of our hometown. Then Papa started that shop.

          Unfortunately, corona struck our region in the same month, March 2020, and the government immediately imposed a lockdown in our areas, making it impossible to run a business. Some of the vegetables that papa had purchased were harmed, and we used some of them for our own consumption. Papa somehow spent up to four or five months working on that shop, but because of how badly Corona hit us, he was forced to stop his business.

         

           Now we were completely reliant on loans and the kindness of our family. We spent a few months in that difficult period before one of my aunties gave us a loan of 120,000PKR to open a mobile phone shop in April 2021. Papa then opened that shop on May 20, 2022.

Following that, things started looking up for us financially. We had a 450,000PKR debt when we opened the shop. But over time, some of it was owed, and now our debt is probably around 200,000PKR. If things go well for our business, we’ll eventually pay off this debt as well.

 

       2.1 My Papa’s Business:

                  Just as I mentioned above, My father owns a small shop in our town where he sells mobile phones and accessories as well as exchanges, debits, and credits money from his bank account to e-wallets such as Easypaisa, JazzCash, and others.

                  

        2.2  How My Papa Makes Money:

         My papa owns a small shop with phones valued at about 60,000 Pakistani Rupees and accessories valued at about 35,000. When he sells these items, he receives some commission. However, he makes less money from it.

                   My papa makes money by debiting and crediting funds from his bank account to various e-wallets and banks. He receives less commission from customers under this system, but he has a sufficient number of clients, as a result, papa makes enough money to fulfil our daily needs. Probably, he earns 0.01% on each debit or credit transaction.

                   

                   

      2.3 How Much Papa Earns Roughly:

                   Papa makes between 65,000 and 80,000 Pakistani rupees per month. I’m sorry to say it, but the majority of the income is in cash, making it impossible for me to provide you with the evidence. But, I can share the bank statement of my papa’s business account, at which he performs transactions. But it should be noted that the money involved in these transactions comes from the clients; my papa only receives a small commission.

 

3. Does My Mom Earn Money?

                  One-Word Answer: NO.

     As I repeatedly stated, I am from an underdeveloped area. That is why, in our area, women are not permitted to do financial work, and men, the superiors,  hate working by women. On the basis of Izzat (Honor), our people don’t even allow young girls to attend school; my mother, for example, was compelled to leave school when she turned 12 while in grade six.

So I’m going to say that my mom lacks the ability to work or earn money. She is therefore totally reliant on my father.

 

4. Do We Have Any Assets?

We currently only own one piece of land, which we acquired using my mom’s jewellery. This property is worth roughly 600,000 Pakistani rupees. At a cost of 446,250 Pakistani Rupees, we purchased this property on September 7, 2020.

 

5. Do We Possess Any Transport Vehicles?

No, we don’t have any. I and my father use public transportation, and we occasionally borrow from my uncles.

 

6. Who is Providing Financial Support for My Expenses?

I was admitted to high school on a scholarship from the beginning. I received an 85% scholarship in my eleventh grade and a 77% scholarship in my twelfth grade.

 

7. Who Pays for My Personal Expenses?

There is a concept called child support in the USA and other developed nations, but we don’t have that in our community. My papa always gives me money when I need it. I’m sorry to say it, but since everything is in cash, we have no record of it.

 

8. Who Supports the Work of My Organization?

As I started a non-profit organization called Dreamzy in a region where the average monthly income is less than $100, no one supports or donates to it, so I am responsible for paying all of its expenses. Although I didn’t have a job, my father and our high school helped me to pay for these costs.

 

9. Tax System in Our Area:

                  In Pakistan, businesses that are worth more than 5 million rupees must pay taxes and register in order to do business. However, it is not necessary for local businesses, like my father’s one,  to register with the FBR or Income Tax Department, 

 

10. Do We Have Our Own House?

Yes and no are both suitable responses to this question. Because I, my siblings, parents, grandparents, uncles, and aunts all live together in a joint house. And our family’s expenses, including electricity bills and more, are divided among the four head members, my papa, grandfather, and two uncles.

 

11. Which Documents are Available With Us to Show The Financial Worth of Our Family?

          I am able to share the following Documents:

1. Evidence of the Small Land that we have. However, I would need to translate the documents since they are in Urdu.
2. Bank Statement of Papa’s Business Account.
3. Electricity Bill (which is on my Grandfather’s Name).

         

Respected Financial Aid Committee, I did my best to explain my financial circumstances to you. However, I myself am human, so it’s possible that I missed some questions and answers. If you have any queries about me, then please contact me. I’ll be waiting for your response.

 

Thanking You,

Muhammad Nouman