Another Nobel likely
Pakistan’s renowned social worker and founder of the country’s largest interest-free microfinance programme, Akhuwat, Dr Amjad Saqib, has been nominated for this year’s Nobel Peace Prize for his pioneering work for poverty alleviation. Akhuwat, under the guidance of Dr Amjad, has been doing humanitarian work for more than two decades. In 2021, he received the Ramon Magsaysay Award, the Asian equivalent of the Nobel Prize, instituted by the Philippines government in memory of its president who died in a plane crash. Already enjoying international renown and acclaim for giving a helping hand to people of strained means to come out of the shackles of poverty, now his name has been recommended for the highest peace prize.
Pakistanis feel proud of Dr Amjad and his sustained work for a noble cause. Many poor people find themselves encumbered by the lack of money if they are desirous of starting or expanding business. Akhuwat extends a helping hand to such people. It is involved in the education and health sectors. It provides interest-free loans to students who are unable to pursue education for want of resources, and it has helped several schools and colleges to run smoothly with the aid of interest-free microfinance. It gives loans to those who need money for treatment. The microfinance scheme is purely based on mutual trust between Akhuwat and the loan recipient, and this is proven by the 100% repayment rate. The prospective Nobel laureate says his strong belief in the Almighty and the basic human quality of honesty have been the main driving force in his mission to pull as many people as possible out of poverty. The organisation hands over the loan amounts in places of worship. This mode of loan disbursement is the most important reason for the high repayment rate.
Akhuwat has distributed loans equivalent to $900 million over the last two decades. Those who have improved their economic circumstances through Akhuwat’s loans and other philanthropists contribute funds to the organisation, thus helping it expand its outreach to individuals and various social sectors.
Published in The Express Tribune, April 26th, 2022.
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