Akhuwat Islamic Microfinance: Rs 60 million interest-free loan disbursed among 2,000 people

Mega event for disbursement of interest free small business loans of Rs 60.0 million under Akhuwat Islamic Microfinance among two thousand people from disadvantaged segment of the society was held at Jamia Mosque of the University of Agriculture Faisalabad. The event was organized by Akhuwat Micro-finance with Deputy Commissioner Syed Ahmad Fawad as chief guest and UAF Vice Chancellor Prof. Dr. Zafar Iqbal Randhawa as guest of honor.
Addressing the emerging folk of business entrepreneurs, Deputy Commissioner Syed Ahmad Fawad described the Akhuwat model a hall mark in the interest free loan system of the Islamic World. He said that there were few civil bureaucrats who left their jobs and become an icon in their respective domains and Dr. Amjad Saqib is one of the global shining stars of microfinance. While applauding the services of Akhuwat, he said that beside disbursement of interest free loans to millions of people, this organization is also taking care of the education and financial needs of the depressed people.
UAF Vice Chancellor Prof. Dr. Zafar Iqbal Randhawa said the vicious circle of interest oriented and ruthless banking system in the country forced the stakeholders put their energies and remain in the spirals. He said that Dr. Amjad Saqib was the person who challenged the prevailing banking system and introduced a largest interest free loaning system in the world.
He congratulated the organizers and vowed to put his all efforts to make Akhuwat a leading microfinance organization of the world. While earmarking his 5 acre of land in the city, Dr. Randhawa asked the office bearers of Akhuwat to use the land for setting up a school there.
Pervaiz Khalid Sheikh, Chairman Steering Committee highlighted various activities of the organization. He told that interest free loan system of his organization was one of the best microfinance systems in the world. Last month, he said, his loaners besides depositing the installments have contributed an amount of Rs. 8.1 million to hold more needy hands.
He told that Chairman Akhuwat Dr Amjad Saqib while handing over a cheque of Rs. 1.0 million to Chief Justice of Pakistan Mian Saqib Nisar for Dam Fund, he apprised him that the amount is a contribution of poor people who wanted to donate the remaining 9.0 million for the purpose.
He said that his office is providing loan of 0.1 million to each individual graduated from TEVTA or he is engaged with Furniture industry or earning his bread as farmer. He revealed that Akhuwat is providing a stipend of Rs. 1200/- per month to every transgender whose age is more than 40 years.