Abstract
Akhuwat was established in 2001 in Pakistan in order to assist poor people to set up and develop their businesses by providing qard hasan or interest-free loans. It has expanded rapidly to become one of the largest Islamic microfinance organizations in the world. It has 500 branches spread throughout Pakistan with more than 567,000 active borrowers and an outstanding loans portfolio of almost US$77 m. Akhuwat has been very successful in maintaining high levels of on-time repayment, covering operating costs, and raising faith-based contributions from well-wishers as well as voluntary donations from borrowers.
Original language | English |
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Title of host publication | Islamic Microfinance – Shari’ah Compliant and Sustainable? |
Editors | M. Harper, A. A. Khan |
Place of Publication | Rugby, BK |
Publisher | Practical Action Publishing |
Chapter | 2 |
Pages | 17-32 |
Number of pages | 16 |
ISBN (Electronic) | 9781780449555 |
ISBN (Print) | 9781853399565 |
DOIs | |
Publication status | Published - 2017 |
Keywords
- Pakistan
- Akhuwat
- qard hasan
- zakat
- sadaqah
- faith
- voluntary donations