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Akhuwat Foundation, a nonprofit organization based in Pakistan, offers interest-free loans to individuals who lack access to formal financial services. [1] [2] Founded in 2003 by Dr. Muhammad Amjad Saqib, who serves as the executive director, Akhuwat operates its head office in Lahore and has expanded to over 1,500 cities in Pakistan.
Muhammad Amjad Saqib, (Punjabi, Urdu: امجد ثاقب; 1 February 1957) is a Pakistani social entrepreneur, development practitioner, former civil servant and author.He is the founder and executive director of Akhuwat Foundation, which is the world's largest Islamic microfinance organization that provides interest-free loans to the most deserving segments of society.
The Prime Minister's Youth Programme is a special initiative launched by the Pakistani government in 2013 - 2018. The Youth Programme comprised several schemes including Prime Minister's Interest-Free Loan Scheme, Prime Minister's Youth Business Loans, Prime Minister's Youth Training Scheme, Prime Minister's Youth Skills Development Scheme, Prime Minister's Scheme for Provision of Laptops and ...
Microfinance Program (Mawakhat) provides small and interest-free loans to underprivileged individuals in Pakistan to help them start or expand their businesses. [23] Alkhidmat's Mawakhat program includes dedicated efforts to empower and support the transgender community, fostering economic independence and livelihood opportunities. [37]
A shariah-compliant loan is known as Qardh-ul Hasan, (also Qard Hasan, literally: "benevolent loan" or "beneficence loan"). It is often described as an interest-free loan extended to needy people. [336] [337] [338] Such loans are often made by social service agencies, or by a firm as a benefit to its employees, [339] rather than by Islamic banks.
Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). [4] [5] Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited").
Zia's stated intention was to "eradicate the scourge of interest" on loans and securities, [4] and create an "interest-free economy". [3] On January 1, 1980, approximately 7,000 interest-free counters were opened at all the nationalized commercial banks, making Pakistan the first country in the Muslim world with Islamic banking .
Qardh al-hasan (Arabic: قرض الحسن, transl. benevolent lending) is the one which is without a collateral. However some Ulama deem it a form of interest-free loan (fungible, marketable wealth) that is extended by a lender to a borrower on the basis of benevolence (ihsan). Al-qardh, from a shari’a point of view, is a non commutative ...