This article has multiple issues. Please help
improve it or discuss these issues on the
talk page. (
Learn how and when to remove these template messages)
|
Akhuwat Foundation is a nonprofit organization based in the country of Pakistan that provides interest-free loans to individuals who are unable to access formal financial services. [1] [2] It was founded in 2003 by Dr. Muhammad Amjad Saqib who is the executive director of the organization. [3] Akhuwat's head office is located in Lahore and it has over 3 branches across 1,500 cities in Pakistan.
Akhuwat has disbursed 4.5 million interest-free loans (Qarz-e-Hasna) amounting to PKR 128 Billion (US$798 million) to over 3 million families across Pakistan. By using interest-free microfinance as a tool for poverty alleviation, Akhuwat helps its beneficiaries to become socially and financially included members of Pakistan's society.The organization's mission is to alleviate poverty by providing interest-free microfinance.
To cater to the multidimensional issue of poverty, Akhuwat has branched out into the field of education, health, providing clothes to the underprivileged, and support to the transgender community.
Akhuwat is registered as a legal entity in United States, UK, Canada and Sweden. Additionally, it has initiated engagement with organizations in Nigeria, Uganda and Afghanistan for global replication and expansion. [4]
Muhammad Amjad Saqib, the founder of Akhuwat, started his professional career by joining the civil service of Pakistan in 1985. He worked in various government positions including the Punjab Rural Support Program (PRSP), a rural development and microfinance initiative by the government of Punjab. His association with PRSP made him realize the drawbacks of traditional microfinance programs as they were charging service charges (between 198% and 302%) to the poor. In 2003, Muhammad Amjad Saqib resigned from the civil service and founded Akhuwat, with the support of his civil service colleagues and gamers, which provides interest-free microcredit to the poor.
Akhuwat Foundation started in 2001 with the first few interest-free loans which were given to the poor for helping them earn a living in a decent way. Akhuwat has five core principles on which all of its programs function. These include interest-free microfinance, use of religious places, non-discrimination, the spirit of volunteerism, and converting borrowers into donors. [5] Details of these principles are as follows:
The word akhuwat is derived from the Arabic word "akhawat" (أخوات) is the plural of "akh" (أخ), which means "brother". The term is often used to refer to the relationship between Muslim men, who are considered brothers in faith. The founder of the organization, Dr. Amjad Saqib, chose this name to reflect the values of solidarity, compassion, and community that are the heart of the foundation's mission.
The four pillars that Akhuwat is founded on are Iman, Ihsan, Ikhlas, and Infaq. Iman (faith) [7] means human trust or belief in a transcendent reality that inspires a sense of responsibility and duty. Ihsan (to do beautiful things) [8] is that each individual attempts for excellence in character, work, service and knowledge. Ikhlas (purity) [7] refers to sincerity of intention and action. Infaq (giving) [9] is the giving in the way of Allah that loosely translates into ‘spending without expecting reward from anyone but Allah’. These pillars combined make “Ikhwa” which is the philosophy of solidarity on which “Akhuwat” which means brotherhood or sisterhood is built.
Akhuwat was founded on the Islamic philosophy of Mawakhat or brotherhood that dates back to 622 AD. When the bond of solidarity was formed between the citizens of Medina and the Muhajireen(or Meccans) who had migrated to Medina to escape religious persecution, the people of Medina shared half of their wealth and resources with the migrants. Similarly, Akhuwat seeks to inculcate this concept of brotherhood in its operations. Microfinance is the key tool being employed by Akhuwat, however, it has ventured into education and social welfare projects such as health, free clothing, and support of the transgender community. [10]
Akhuwat has five major programs - Akhuwat Islamic Microfinance (AIM), Akhuwat Education Services (AES), Akhuwat Clothes Bank (ACB), Akhuwat Khwajasira Support Program (AKSP), and Akhuwat Health Services (AHS). The underlying goal of all these programs is to provide financial access and support to the poor. [11]
Akhuwat Emergency Relief Fund was specifically created to cater to the needs of people during an emergency situation. Akhuwat has provided assistance during the COVID-19 pandemic, and support to flood and earthquake victims in Pakistan. Akhuwat's relief efforts take place in all provinces of Pakistan which include the disbursement of interest-free loans, the provision of rations, and clothing items.
With the onset of COVID-19 in the world and Pakistan, in March 2020, Akhuwat set up a fund titled Akhuwat Corona Support Fund to provide assistance to individuals and families that are suffering from COVID-19 and its consequential lockdown. [32] Through this fund, Akhuwat provided interest-free loans, financial grants, free medical care, and distributed meals and ration bags to those most affected by the pandemic. [33]
The objectives of the fund are aimed at helping those individuals who had lost their only means of income and were in need of financial support to provide for their families. [34] Through this fund, interest-free loans have been given to over 34,000 small businesses as well as loans for all other basic fulfillment of needs during the crisis. [35]
{{
cite web}}
: CS1 maint: archived copy as title (
link)
This article has multiple issues. Please help
improve it or discuss these issues on the
talk page. (
Learn how and when to remove these template messages)
|
Akhuwat Foundation is a nonprofit organization based in the country of Pakistan that provides interest-free loans to individuals who are unable to access formal financial services. [1] [2] It was founded in 2003 by Dr. Muhammad Amjad Saqib who is the executive director of the organization. [3] Akhuwat's head office is located in Lahore and it has over 3 branches across 1,500 cities in Pakistan.
Akhuwat has disbursed 4.5 million interest-free loans (Qarz-e-Hasna) amounting to PKR 128 Billion (US$798 million) to over 3 million families across Pakistan. By using interest-free microfinance as a tool for poverty alleviation, Akhuwat helps its beneficiaries to become socially and financially included members of Pakistan's society.The organization's mission is to alleviate poverty by providing interest-free microfinance.
To cater to the multidimensional issue of poverty, Akhuwat has branched out into the field of education, health, providing clothes to the underprivileged, and support to the transgender community.
Akhuwat is registered as a legal entity in United States, UK, Canada and Sweden. Additionally, it has initiated engagement with organizations in Nigeria, Uganda and Afghanistan for global replication and expansion. [4]
Muhammad Amjad Saqib, the founder of Akhuwat, started his professional career by joining the civil service of Pakistan in 1985. He worked in various government positions including the Punjab Rural Support Program (PRSP), a rural development and microfinance initiative by the government of Punjab. His association with PRSP made him realize the drawbacks of traditional microfinance programs as they were charging service charges (between 198% and 302%) to the poor. In 2003, Muhammad Amjad Saqib resigned from the civil service and founded Akhuwat, with the support of his civil service colleagues and gamers, which provides interest-free microcredit to the poor.
Akhuwat Foundation started in 2001 with the first few interest-free loans which were given to the poor for helping them earn a living in a decent way. Akhuwat has five core principles on which all of its programs function. These include interest-free microfinance, use of religious places, non-discrimination, the spirit of volunteerism, and converting borrowers into donors. [5] Details of these principles are as follows:
The word akhuwat is derived from the Arabic word "akhawat" (أخوات) is the plural of "akh" (أخ), which means "brother". The term is often used to refer to the relationship between Muslim men, who are considered brothers in faith. The founder of the organization, Dr. Amjad Saqib, chose this name to reflect the values of solidarity, compassion, and community that are the heart of the foundation's mission.
The four pillars that Akhuwat is founded on are Iman, Ihsan, Ikhlas, and Infaq. Iman (faith) [7] means human trust or belief in a transcendent reality that inspires a sense of responsibility and duty. Ihsan (to do beautiful things) [8] is that each individual attempts for excellence in character, work, service and knowledge. Ikhlas (purity) [7] refers to sincerity of intention and action. Infaq (giving) [9] is the giving in the way of Allah that loosely translates into ‘spending without expecting reward from anyone but Allah’. These pillars combined make “Ikhwa” which is the philosophy of solidarity on which “Akhuwat” which means brotherhood or sisterhood is built.
Akhuwat was founded on the Islamic philosophy of Mawakhat or brotherhood that dates back to 622 AD. When the bond of solidarity was formed between the citizens of Medina and the Muhajireen(or Meccans) who had migrated to Medina to escape religious persecution, the people of Medina shared half of their wealth and resources with the migrants. Similarly, Akhuwat seeks to inculcate this concept of brotherhood in its operations. Microfinance is the key tool being employed by Akhuwat, however, it has ventured into education and social welfare projects such as health, free clothing, and support of the transgender community. [10]
Akhuwat has five major programs - Akhuwat Islamic Microfinance (AIM), Akhuwat Education Services (AES), Akhuwat Clothes Bank (ACB), Akhuwat Khwajasira Support Program (AKSP), and Akhuwat Health Services (AHS). The underlying goal of all these programs is to provide financial access and support to the poor. [11]
Akhuwat Emergency Relief Fund was specifically created to cater to the needs of people during an emergency situation. Akhuwat has provided assistance during the COVID-19 pandemic, and support to flood and earthquake victims in Pakistan. Akhuwat's relief efforts take place in all provinces of Pakistan which include the disbursement of interest-free loans, the provision of rations, and clothing items.
With the onset of COVID-19 in the world and Pakistan, in March 2020, Akhuwat set up a fund titled Akhuwat Corona Support Fund to provide assistance to individuals and families that are suffering from COVID-19 and its consequential lockdown. [32] Through this fund, Akhuwat provided interest-free loans, financial grants, free medical care, and distributed meals and ration bags to those most affected by the pandemic. [33]
The objectives of the fund are aimed at helping those individuals who had lost their only means of income and were in need of financial support to provide for their families. [34] Through this fund, interest-free loans have been given to over 34,000 small businesses as well as loans for all other basic fulfillment of needs during the crisis. [35]
{{
cite web}}
: CS1 maint: archived copy as title (
link)