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Akhuwat Foundation or simply Akhuwat is a nonprofit organization based in Pakistan, offering interest-free microfinance to individuals who lack access to formal financial services. [ 1 ] [ 2 ] Founded in 2001 by Dr. Muhammad Amjad Saqib , who serves as the executive director, Akhuwat operates its head office in Lahore and has expanded to over ...
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 ...
A loan waiver is the waiving of the real or potential liability of the person or party who has taken out a loan through the voluntary action of the person or party who has made the loan. [1] Examples of loan waivers include the Stafford Loan Forgiveness program in the United States and the Agricultural Debt Waiver and Debt Relief Scheme in India
They do. Unlike the rich, the poor cannot risk not repaying. This is the only chance they have." Grameen was then allowed to add housing loans to their range of services. [42] As of 1999, Grameen made housing loans totalling $190 million to build over 560,000 homes with near-perfect repayment. By 1989, their average housing loan had grown to $300.
Structure of simple mudaraba contract [11]. Mudarabah is a partnership where one party provides the capital while the other provides labor and both share in the profits. [12] [13] The party providing the capital is called the rabb-ul-mal ("silent partner", "financier"), and the party providing labor is called the mudarib ("working partner").
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