Founder and Chairman of Akhuwat Foundation Dr Amjad Saqib on Thursday said that the poverty alleviation can be ensured by lending a helping hand to the deprived segment of society so that they can lead a self-dependent life.
He said this while addressing a meeting of Deans, Directors and Principal Officers of University of Agriculture Faisalabad as a special guest.
He said that the Akhuwat Foundation had started the loan program on a model of Muakhaat Madina from Rs10,000 and today it has reached Rs150 billion which is the largest interest free loan program.
He said that Akhuwat Microfinance was established in 2001 to support poor families through interest-free loans.
By providing interest-free loans, Akhuwat mission is to empower the poor to construct their own out of poverty in a self-determined and sustained manner.
To fulfill the dream of a poverty-free society, and with utmost faith in humanity, Akhuwat believes “if we can offer microfinance services without charging an interest, we can also provide education without charging a fee”.
These loans are primarily utilized to set up or expand enterprises so that the poor through their own hard-work and determination are able to emerge out of poverty.
The generosity and compassion of people have allowed Akhuwat to support over one million poor families all over Pakistan through interest-free microfinance.
Akhuwat University and colleges are being set up, first of its kind – a no fee residential university where students from all over Pakistan will be selected based on merit and will be provided free quality higher education.
He said that we have to learn from way in which the Holy Prophet Hazrat Muhammad (SAWW) introduced social and economic brotherhood among the people after the migration to Madina.
He said that under the interest free loan, it has provided financial assistance to millions of families and this loan is distributed to 4.4 million people in mosques without any guarantee and its recovery rate is 99.9 percent.