Micro finance pioneer Dr Muhammad Amjad Saqib wins Asia’s ‘Nobel Prize’

Dr Muhammad Amjad Saqib Director Akhuwat Foundation wins Asia Nobel Prize Award

Pakistan’s micro finance pioneer Dr Muhammad Amjad Saqib, known for his interest- and collateral-free microfinance programme in Pakistan. That has helped millions of needy families to meet their needs in shape of small loans. Dr Muhammad Amjad Saqib was among Tuesday’s winners of Asia’s equivalent to the Nobel Prize.

Dr Amjad Saqib founded Akhuwat and is its executive director. In two decades after its start, Akhuwat has grown into the nation’s largest microfinance institution, distributing the equivalent of $900 million and boasting an almost 100 percent loan repayment rate, the award foundation said.

The Ramon Magsaysay Award was established in 1957 to honour people and groups tackling development problems. It was held virtually this year after the event was cancelled in 2020 due to the coronavirus pandemic.

About Dr Muhammad Amjad Saqib

Muhammad Amjad Saqib, was born on 1 February 1957. He is a Pakistani social entrepreneur, former civil servant and author of books. He is the founder of Akhuwat Foundation. Akhuwat Foundation provides world’s largest Islamic microfinance facilities that provides interest-free loans to the most needy segments of society.

Dr Muhammad Amjad Saqib with Co-founder of Alibaba Group, Jack Ma

Akhuwat Foundation Projects

Since its start in 2001, the Akhuwat Foundation has now successfully disbursed over PKR 130 billion (US$853 million) in interest-free loans. It helped over 3 million families all over the Pakistan. Akhuwat College University, which provides fee free education. Which is provided to talented students from all over Pakistan, who are not able to afford higher education. Akhuwat Foundation operates many other projects under its umbrella related to education and healthcare, support of the transgender community as well as the provision of food and clothes.

Life and Career of Dr Muhammad Amjad Saqib

In addition to his social work in Pakistan and uplifting lower and middle class segment of society Dr Amjad Saqib is also author of nine books which include Akhuwat ka Safar and Molu Musali. He regularly writes columns in several Pakistani newspapers. He is also the recipient of several national and international honors including Sitara-e-Imtiaz, a coveted civil award of Pakistan.

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