Report by Angela Benny.
ARP Media, a part of the Iqra Group, recently conducted an interview with Dr. Muhammad Amjad Saqib, the Founder and Executive Director of Akhuwat, the world’s largest interest-free microfinance institution based in Pakistan. In this interview, Dr. Saqib discussed Akhuwat’s mission to support the underprivileged and encourage them to come out of poverty by providing them with interest-free loans to start their own businesses.
Akhuwat was established in 2001 and is built on the Islamic principle of Mawakhat, meaning brotherhood and solidarity. The organization provides loans to the underprivileged regardless of their religion, gender, race, etc. and works on the mechanism of social capital. Akhuwat aims to create unity, bonding, and spread love in the society.
As a microfinance organization, Akhuwat deals with leasing, insurance, savings, and more. The organization has successfully provided more than 5 million loans and given around 200 billion rupees to the needy people in Pakistan. The loans range from 200,000 rupees for business loans, 100,000 rupees as part of agricultural loans, and 1 million rupees for housing loans. The loans can be repaid after duration of maximum 5 years.
Akhuwat acquires money from wealthy people and becomes the custodian of it. They give it to the people in need with due diligence, and when they get the money back; they use it again as a revolving fund to help further people in need. Prior to providing the loans, Akhuwat conducts a social and project appraisal. Social appraisal examines the social aspects of the candidate in terms of character, ethical values, talent, history, lifestyle, etc. If the person passes the social appraisal, then they conduct a project appraisal which demands information about his/her business proposal.
Akhuwat has a partner institution in Dubai, UAE, which is looking to conduct leadership training, entrepreneurship training, appraisal training, financial training, motivational training, and many more, to educate banks and build a better faith-inspired economy in general.
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