The founder of the Islamic microfinance organization—the Akhuwat Foundation—Dr Amjad Saqib has been nominated for the Nobel Peace Prize on Friday.
According to the British organization PA Media link, Dr Amjad Saqib is nominated by the Foreign Minister of Malta as his organization has already lifted more than five million people out of poverty.
The British organization PA Media has said Pakistani development specialist and social worker Muhammad Amjad Saqib created the first combined interest-and-collateral-free microfinance programme in 2001.
Using places of worship of all faiths including mosques, churches and temples, he started disbursing zero-interest loans achieving a phenomenal loan repayment rate of 99.8 per cent by respecting the dignity of the recipients.
Akhuwat Foundation helped ensure funds are used productively by supporting his programme through a vast array of social support programmes in education, health services, food and clothing, anti-discrimination, and COVID-19 emergency aid.
In recognition of his work in helping at least 5 million families, Dr Saqib received the Ramon Magsaysay Award, Asia’s highest honour in 2021 and has now been nominated for the Nobel Peace Prize for his humanitarian work in poverty alleviation.
His nomination cites the innovation and compassion that enabled him to create the largest microfinance institution in the world and his inspiring belief that human goodness and solidarity will find ways to eradicate poverty.
An unprecedented number of women, around 40 per cent are the recipients of these interest-free loans that are enabling them to develop the means to raise their families independently.