IPS hosted a reception in the honor of Dr Muhammad Amjad Saqib, founder & executive director, Akhuwat Foundation, who has recently received the prestigious Ramon Magsaysay Award (also known as Asia’s ‘Nobel Prize’). Akhuwat’s interest- and collateral-free Islamic microfinance program worth more than Rs155bn has so far catalyzed more than 4.8mn poor households in Pakistan.
The event held on September 16, 2021 was also addressed by Khalid Rahman, Chairman IPS, Ambassador (r) Syed Abrar Hussain, IPS’ Vice Chairman, Dr Nazir Ahmed Vaid, co-founder of Akhuwat Foundation and Aman Ullah Khan, member, IPS’ board of governors and former president, Rawalpindi Chamber of Commerce & Industry (RCCI).
Speaking to a large gathering at the reception, Dr Amjad Saqib termed his winning of Roman Magsaysay Award a success of Pakistan and its people, maintaining that Akhuwat’s endeavors would not have been successful had the people of the country not been supportive in giving and returning loans.
Dr Amjad Saqib disclosed that Akhuwat has also been engaged to build 100,000 low-cost houses for the poor across Pakistan by the federal government.
Sharing his rationale earlier behind forming the foundation, Dr Amjad said “the idea was to build a poverty-free society on the principles of compassion and equity given by the Holy Prophet (PBUH) in Madina some 1400 years ago”.
The success of the ideology being followed by Akhuwat underlines the fact that the teachings and injunctions of the Holy Prophet (PBUH), if acted upon in its true spirit, can do wonders for a society even today in the 21st century, he added.
Enlightening the audience with the success story of Akhuwat’s interest free loan disbursements, he said that the amount of interest free loans paid by his organization last year alone was around Rs 24 billion having 99% recovery rate.
The speaker urged on the need of replacing the interest-based economic system in Pakistan with the one expounded by the Holy Prophet (PBUJ), in which the poor and the needy were taken care of by the state and the society.
Saqib termed his winning of the prestigious award as a success of Pakistan and its people, hoping that award will promote a positive image of Pakistan at the global stage.
Dr Nazir Ahmad Vaid was of the view that the foundation had embarked on the journey of building low-cost houses in Pakistan even before the incumbent government initiated the Naya Pakistan Housing Scheme, sharing that families have moved into approximately 38% of the houses that were built by the foundation already.
The speaker also shared that ever-since its inception, Akhuwat has transparently distributed easy loans up to the worth of 150 billion PKR, benefitting over 4.8 million people across Pakistan so far. Moreover, the organization is also serving in the education sector by running 350 schools and five colleges where quality education is being provided on the basis of long-term interest-free loans.
He also shared details of the initiatives undertaken by Akhuwat for the welfare of transgenders in the society.
Khalid Rahman lauded the work being done by Dr Saqib and his team to cater to the financial needs of the poor masses of the country.
He hoped that the success stories like Dr Amjad Saqib and Akhuwat will not only serve as an inspiration for others, but will also help counter the false narrative being propagated against Pakistan that purposefully tries to paint it only as a failed, declining state.
Saqib and Akhuwat will not only serve as an inspiration for others, but will also help counter the false narrative being propagated against Pakistan that purposefully tries to paint it only as a failed, declining state.
