5 Simple Statements About akhuwat loan head office Explained
5 Simple Statements About akhuwat loan head office Explained
Blog Article
The word akhuwat is derived within the Arabic phrase "akhawat" (أخوات) would be the plural of "akh" (أخ), which means "brother". The expression is often utilized to check with the connection involving Muslim Adult men, who are thought of brothers in religion.
Akhuwat’s design is groundbreaking because it troubles deeply entrenched website assumptions about financial behaviour—assumptions the whole microfinance edifice rests on. one example is, economists would have us feel that in the circumstance where by just one borrower can take out many loans, she would pay again the creditor charging the very best interest initial.
She explained, “now my children only try to eat as soon as every day, but Together with the loan, I am able to feed them two meals”.
There does seem like hope, nevertheless. a person Group is bucking this development with a far more practical—and just—organization design. Akhuwat commenced in 2001 being an experiment. Its charismatic leader, Dr. Amjad Saqib—a civil servant inside of a prior everyday living and eager to abide by Islamic ideas—made a decision to forego charging desire from borrowers fully.
in the event that of specific lending two guarantors are going to be provided by applicant for availing interest totally free loan.
The device supervisor will then Examine the application through eligibility standards. So, these loans will probably be offered out on social collateral. the next steps are going to be adopted in software submission.
Applicant really should not be convicted of any felony offence in lieu of which continuing are in progress.
For disbursement of loans and knowledge periods, Akhuwat employs religious spaces, such as mosques and churches. And unlike other MFIs, Akhuwat workers volunteer 20 per cent in their time.
Group Lending permits team customers to resolve their social and financial challenges as a result of mutual being familiar with and determination generating.just before applying for the loan, applicant is designed to represent a gaggle of three to six users residing nearby to each other and users shouldn’t be near family members to one another.
Akhuwat Foundation started in 2001 with the very first couple curiosity-free loans which got towards the bad for supporting them get paid a residing in a decent way. Akhuwat has 5 Main concepts on which all of its courses perform.
in the event of person lending two guarantors might be supplied by applicant for availing desire no cost loan.
Unit supervisor will go over Along with the applicant to check whether applicant falls less than eligibility criteria on the scheme.
Applicant will check out closest AIM branch in conjunction with his/her relevant files (pointed out down below) for submission of loan software.
All credit score instances will likely be reviewed from the committee. When the committee approves the situation, loan is finalized and is ready to be disbursed. The entire course of action usually takes Just about 3 to 4 months.
Akhuwat was sooner or later launched in March 2001. From there on, Akhuwat adopted Qarz-a-Hasan, a term employed by the Qur’an that practically interprets to “a good looking loan”, as its Main technique for microfinance. this idea is definitely an attempt to reignite the identical pledge of Mawakhat in addition to a bond of solidarity which was developed on account of the Prophet’s migration from Makkah to Medina.
Report this page