Islamabad Chamber of Commerce and Industry donates Rs3million to Akhuwat for Interest Free Loans

Islamabad, July 10, 2013 (PPI-OT): Islamabad Chamber of Commerce and Industry (ICCI) has donated an amount of Rs.3-million to Akhuwat for providing interest free loans to the needy persons and help them stand on their own feet. ICCI had promised to donate an amount of Rs.5-million to Akhuwat to contribute its share in its noble cause and this was the first part of the promised amount. The cheque of Rs.3-million was presented by Zafar Bakhtawari, President ICCI to Dr. Muhammad Amjad Saqib, Executive Director of Akhuwat in a ceremony at ICC.

ICCI had requested its members to contribute for the noble cause of Akhuwat. Accordingly, M/s. Sheikh Amir Waheed and Waqar Zafar Bakhtawari contributed Rs.10-Lac each, Mr. Mehmood Ahmad Warraich Rs.4-Lac, Mr. Sanaullah Khan Rs.2-Lac, M/s. Tariq Sadiq, Mehfooz Elahi, Sheikh Munir and Malik Bashir contributed Rs.1-Lac each.

Addressing the ceremony, Zafar Bakhtawari, President ICCI lauded the role of Akhuwat for alleviating poverty in the country by empowering socially and economically marginalized families through interest free microfinance and by harnessing entrepreneurial potential, especially of the youth. He said Akhuwat has set an exemplary role model to engage unprivileged people in employment and uplift their living standard.

ICCI President called upon the well off persons of society to come forward and join hands with Akhuwat in its noble cause to make Pakistan a poverty free society. He assured that ICCI would cooperate with Akhuwat to make marginalized people productive citizens of the country.

Speaking at the occasion, Dr. Muhammad Amjad Saqib, Executive Director of Akhuwat thanked ICCI for donating hefty amount for the noble cause. He said Akhuwat has developed a very transparent system to support people and disbursed an amount of Rs.4,635-million up to May 2013.

He said 198,142 male and 113,553 female entrepreneurs as well as 311, 695 families have benefited from Akhuwat’s interest free loans. He said Akhuwat has 99.87% recovery ratio which shows the trust of people in its financing services. He said Akhuwat has disbursed about Rs.440-million to 30,000 houses in Rawalpindi while 17 persons have been provided microfinance in Islamabad.

Dr. M. Amjad Saqib said that Akhuwat not only provides Qarz-e-Hasna, it also wants to convert today’s borrowers into tomorrow’s donors. As a result of such efforts, up to 30th June 2013, an amount of Rs.54-million was donated by Akhuwat’s borrowers to support other needy persons. At the occasion, some borrowers of Akhuwat in Islamabad also shared their success stories and informed how Akhuwat enabled them to come out of poverty and play a positive role in the economic development of the country.

For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950