Interest-free loans distributed among 2,000 needy persons

FAISALABAD: A ceremony was organised to distribute interest-free small business loans worth Rs 60 million among 2,000 needy persons under the Akhuwat Islamic Microfinance at Jamia Mosque of the University of Agriculture Faisalabad on Tuesday.

The event was organised by Akhuwat Microfinance in which Deputy Commissioner Syed Ahmad Fawad was chief guest and UAF Vice-Chancellor Prof Dr Zafar Iqbal Randhawa was guest of honour. Addressing the ceremony, Deputy Commissioner Syed Ahmad Fawad termed the Akhuwat model a hallmark in the interest-free loans system of the Islamic World. He said that there were few civil bureaucrats who left their jobs and become an icon in their respective domains. While applauding the services of the Akhuwat, he said that beside disbursement of interest-free loans among poor, the organisation was also taking care of education and financial needs of the depressed people.

UAF Vice-Chancellor Prof Dr Zafar Iqbal Randhawa said that Dr Amjad Saqib was the person who challenged the current system and introduced a largest interest-free loan system.

He congratulated the organisers and vowed to put his all efforts to make the Akhuwat a leading microfinance organisation. While earmarking his 5 acre land in the city, Dr Randhawa asked the office-bearers of the Akhuwat to use the land for setting up a school there. Pervaiz Khalid Sheikh, chairman of the Steering Committee, highlighted various activities of the organisation.