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How much loan can I get from akhuwat?
Under the said scheme, poor and deserving families will be provided with financial assistance as per Shariah compliant product up to PKR 500,000/- through Akhuwat Islamic Microfinance (AIM). This scheme seeks to support the poor both economically and socially. Repayment period is from 13 to 60 months.
How can I check eligibility for akhuwat loan?
Eligibility Criteria for Loans
- Applicant should have valid CNIC.
- Having the ability to run / initiate business activity having age between 18-62 years.
- Applicant should be economically active.
- Applicant should not be convicted of any criminal offence in lieu of which proceeding are in progress.
Who owns akhuwat?
Dr. Muhammad Amjad Saqib
Akhuwat Foundation is a nonprofit organization based in Pakistan that works to create a poverty-free society. It was founded in 2001 by Dr. Muhammad Amjad Saqib who is the Executive Director of the organization. Akhuwat’s head office is located in Lahore and it has over 800 branches across 400 cities of Pakistan.
How does akhuwat make money?
Akhuwat believes that of lending by the money lender is exploitation of the poor and needy and is resulting in increasing the poverty instead of making dent into it. Akhuwat pays the principle amount in one go for the client and then the client has to pay back the amount in interest free installments to Akhuwat.
Is akhuwat interest free loan?
As Akhuwat’s core program, Akhuwat Islamic Microfinance (AIM) provides interest-free loans to the underprivileged to enable them in creating sustainable pathways out of poverty.
What is akhuwat loan in Pakistan?
Akhuwat Microfinance was established in 2001 to support poor families through interest-free loans. By providing interest-free loans, Akhuwat empowers the poor to construct their own out of poverty in a self-determined and sustained manner.
What is akhuwat?
Since 2001, Akhuwat has been working for Poverty Alleviation The concept of Mawakhat predates to 622 CE when Prophet Muhammad (Peace Be Upon Him) urged the residents of Medina (Ansars) to share half of their belongings with the Muhajirs (migrants) who were forced to flee persecution and migrated from Mecca to Medina.
What is akhuwat fellowship?
The Akhuwat Fellowship Program seeks to build and cultivate a community of change-makers, creative entrepreneurs, and moral leaders committed to making a difference. It will serve as a platform enabling people and organizations to unlock their potential to drive social change.
Who is Dr Amjad Saqib?
Dr. Saqib is founder and Executive Director of Akhuwat, first ever interest free microfinance programme. President of Pakistan bestowed on him “Sitara-a-Imtiaz”, a coveted civil award on 23 March, 2010.
Why was akhuwat criticized for its financial model?
Financial Sustainability. Despite its success, Akhuwat was often criticized for having a financial model that was deemed unsustainable in the microfinance industry. The government could recall its loan at any time if it was not satisfied with Akhuwat’s performance.
How can I get interest free loan in Pakistan?
Under the program, the Government of Pakistan is dispersing 80,000 interest free loans every month….Eligibility
- Age between 18 to 60 years.
- Applicant should have a valid Computerized National Identity Card (CNIC).
- Resident of targeted union council of the district.
- Economically viable business plan.
What is your motivation for applying for the akhuwat Fellowship Program?
Akhuwat believes in charity backed by compassion, sense of responsibility toward the underprivileged, and a bond of brotherhood between the have’s and have-not’s. Because of this ideology, we started with giving out interest- and collateral-free loans. Muhammad Adnan Riaz has been in connection with Akhuwat for a period of 12 to 14 years.
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How akhuwat and afshan are helping the daily wage workers?
Akhuwat is helping the daily wage workers to start a small business by providing interest free personal loans. Afshan, has been working hard to provide bread and butter to her family. She has been helping her husband in the same store where he sells groceries and she runs a small counter of handicrafts.