AKHUWAT PIONEER OF INTEREST FREE MICRO FINANCE
Interest is strictly forbidden in Islam but there was not a single model available for interest free banking in the whole world. Dr Amjad Saqib launched an organization namely Akuwat few year ago for providing interest free loans to the poorest class of the society. Now Akhuwat has become the pioneer in interest free micro finance. At present Akhuwat is providing a loan in every 4 minutes. Interest free loans are disbursed in holy places like mosques and churches. At present Akhuwat is disbursing following kinds of loans.
Family Enterprise Loan
These loans are provided for business purposes.You can get the loan from 15000 to 30000 for establishing your own business. Family enterprise loans are also available for expanding any existing business.
This product is given to liberate a individual from money lenders who give loans to needy people on very high interest rate. Akhuwat Foundation will pay your principal amount at once and you will have to pay back that amount to Akhuwat without any interest in easy installments. Akhuwat pays up to 50000 rupees for this type of loan but in exceptional cases the upper limit can be increased.
AKHUWAT- PIONEER OF INTEREST FREE LOANS IN PAKISTAN
Akhuwat provide up to 25000 rupees education loan to students without any interest. We have already written a detailed article on this product.
This life saving loan is provided to poor patients who can not afford to necessary treatments. Poor patients can get 10000 to 20000 rupees health loan through this scheme.
Emergency loan is provided to face the unexpected situations in life. This product is processed within two to three days to enable a person to handle the emergency situation. You can get 5000 to 10000 rupees emegency loan for one year period. You can apply for this product with other loans too.
This product is available for construction purposes. Poor people can get 30000 to 70000 rupees interest free housing loan for two year period.
This product is available for the marriages of our daughters. Akhuwat trust provides up to 20000 rupees interest free marriage loan to meet the expenses of marriages of our daughters.
This product is provided for expansion of business and it is given to those individuals who have completed 3 or more cycles with Akhuwat. The upper limit of silver loan is 50000 rupees.
Akhuwat Mutual Support Fund.
This fund was established to support the borrowers in case of any extreme situation such as death and permanent disability. Every borrower who borrows above 4000 rupees loan is encouraged to pay the one percent of loan as insurance. This money is accumulated in mutual support fund and in case of any extreme emergency with borrower, his remaining loan is waived off and his family receives 5000 rupees for support.
For Which Businesses You Can Get Loan
Akhuwat has prepared brief feasibility reports of the following businesses which are available on its official website. But you can also apply for any other business with its feasibility report.
5-Food Cooking and Kitchen Management
Please Join Hands With Akhuwat
If you want to spread happiness in the society then please join hands with Akhuwat. To fight against interest is also your religious obligation and you will get its reward not only in this world but also here after. Donate money to Akhuwat to help your needy brothers and sisters. Students you can become volunteer of Akhuwat too. Visit the official website of this organization and down load the form. This organization also offer internship program for students. May Almighty Allah let us give resources to help Dr Amjad Saqib who is a great mystic personality in my opinion. Our team salute Dr Amjad Saqib and his team. We are proud of you Dr Sahib.