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Nominations are Open Now! For “International Islamic Microfinance Award” The ceremony will take place on 25th November in Istanbul – Turkey. For further details visit: http://www.alhudacibe.com/gimf2017/award Email: [email protected]
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Why do poor people stay poor? How do households save and build assets? How can institutions overcome market failures? Why doesn't capital flow naturally from.
Akhuwat's Staff Annual Gathering 2014
An Ikhtitami Dua was arranged at Jamia Qadria Rizwia, Faisalabad to celeberate the contributions of Akhuwat's Staff which is by the Grace of God now almost 1,800 strong. Hazrat Moulana Bashir Ahmed Farooqi, Head of Sailani International Trust, made the dua for the success of Akhuwat and graced the occassion with his presence.
Dr. Amjad Saqib wins Life Time Achievement Award in Dubai
Dr. Amjad Saqib’s immense contribution in social sector entrepreneurship and Sharia-compliant microfinance were acknowledged by Abu Dhabi Islamic Bank and Thomson Reuters bestowing their prestigious Life Time Achievement Award upon him for the Ethical Finance Innovation Challenge Award (EFICA) held in Dubai on October 29.
Dr. Amjad Saqib, the founding chairman and executive director of Akhuwat, is the progenitor of one-of-a-kind Sharia-compliant ‘No Interest Microfinance’ that has rescued around 700,000 families across Pakistan from abject poverty, changing their lives for the better over nearly the last one decade and a half.
The Life Time Achievement Award carried $25,000 in prize money, which Dr. Amjad Saqib promptly donated to Akhuwat.
As Dr. Amjad Saqib received the award, 400 high-caliber experts in finance, microfinance and Islamic finance from all over the world broke in resounding applause in a standing ovation. Also present on the occasion was top tier management of Abu Dhabi Islamic Bank as well as Thomson Reuters.
For the audience, on display was a video presentation and documentary highlighting Akhuwat’s pioneering work in the field.
Dr. Amjad Saqib made a moving speech, outlining the role and spirit of the founding board members, the initial borrowers’ commitment and integrity towards improving their lives by the dint of sheer hard work, Akhuwat’s sincere and relentless workers and volunteers, and above all its generous donors.
“The category for which I have been nominated – Ethical Finance: Innovation Challenge and Awards – is in itself an acknowledgement and recognition of not just my work but the triumph of Akhuwat’s concept, message, method and profound impact as an instrument of societal change,” said Dr. Amjad Saqib.
Narrating the story of Akhuwat, he spoke of its phenomenal growth and near hundred percent rate of recovery.
To the topnotch audience, this aspect alone was a living proof and testimony of the integrity and credit-worthiness of the Pakistani people.
The philanthropic spirit of the well-to-do and the significant support of the provincial and federal governments once Akhuwat had earned its spurs and proven its credentials also received applause and appreciation.
Akhuwat was not only able to broaden the base of its supporters and donors, but the crowning glory of the evening was delegates from other Muslim nations paying the ultimate accolade by expressing the intent to replicate this unique model of brotherhood and self-reliance in their own respective countries.
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Islamic Microfinance in the 21st Century
With the recent popularity of Islamic Microfinance as a means for financial inclusion without the borrowers undertaking any risk, it is expected that financial investors will invest more in the sector and subsequently enhance its market share in the financial services industry. However, this will require Islamic Microfinance providers to be able to maintain strict standards to allow for high recovery rate and low payback periods. Islamic Microfinance sector needs to provide housing, automobile and personal loans too alongwith business and student loans. This will enable Islamic Microfinance to penetrate a much wider market and diversify its loan portfolio that will consequently decrease the default risk. Although Islamic Microfinance is still a nascent sector, industry partnerships with leading conventional finance companies would enable it to expand in no time. Furthermore, with the right marketing, Islamic Microfinance can be positioned as the best method to preserve the dignity of the poor whilst giving them the initial push. The poorest people of our society are the most hard-working. They just need access to resources. If their skills-set can be pooled into a single business, provided that a comprehensive database is built, the recovery rate of loans can increase substantially. It is only a matter of time when Islamic Microfinance takes over conventional microfinance.
Dr. Amjad Saqib, founder of Akhuwat, gives a speech at the 4th Global Islamic Microfinance Forum, organized by Al-Huda Centre of Banking & Economics at Dusit Thani Hotel in Dubai. Islamic Microfinance is fast emerging as one of the quickest ways of poverty alleviation. The forum aims to be a platform for breeding new and innovative models in Islamic Microfinance. That said, Akhuwat aims to expand its model of interest-free loans globally, that has been so successful in Pakistan.
Dr. Amjad Saqib meets with Lend With Care Staff in London
Dr. Amjad Saqib, Founder of Akhuwat, met with the Lend With Care staff in London, during his tour to the United Kingdom to raise awareness about Akhuwat and its groundbreaking model of Islamic Microfinance. Lend With Care has been an old supporter of Akhuwat and we hope to continue cherishing the life-long partnership.
Dr. Amjad Saqib introduced Akhuwat to a captivated audience and discussed how its helping to eliminate poverty in Pakistan by giving interest-free loans from Rs. 10,000 to Rs. 50,000 to the poor to enable them to start their own businesses. Akhuwat has a remarkable loan recovery rate of 99.5%, which is unheard of in the financial sector.
