The founder of the Islamic microfinance organization—the AkhuwatFoundation—Dr Amjad Saqib has been nominated for the Nobel Peace Prize onFriday.
According to the British organization PA Medialink, Dr Amjad Saqibis nominated by the Foreign Minister of Malta as his organization hasalready lifted more than five million people out of poverty.
The British organization PA Media has said Pakistani development specialistand social worker Muhammad Amjad Saqib created the first combinedinterest-and-collateral-free microfinance programme in 2001.
Using places of worship of all faiths including mosques, churches andtemples, he started disbursing zero-interest loans achieving a phenomenalloan repayment rate of 99.8 per cent by respecting the dignity of therecipients.
Akhuwat Foundation helped ensure funds are used productively by supportinghis programme through a vast array of social support programmes ineducation, health services, food and clothing, anti-discrimination, andCOVID-19 emergency aid.
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In recognition of his work in helping at least 5 million families, Dr Saqibreceived the Ramon Magsaysay Award, Asia’s highest honour in 2021 and hasnow been nominated for the Nobel Peace Prize for his humanitarian work inpoverty alleviation.
His nomination cites the innovation and compassion that enabled him tocreate the largest microfinance institution in the world and his inspiringbelief that human goodness and solidarity will find ways to eradicatepoverty.
An unprecedented number of women, around 40 per cent are the recipients ofthese interest-free loans that are enabling them to develop the means toraise their families independently.
