QARZ-E-HASNA (INTEREST FREE LOAN) – AKHUWAT MODEL
Asasah, in September 2013, introduced and replicated the Akhuwat Model of Qarz-e-Hasna (Interest Free Loan). Here it is worth mentioning that all this would not have been possible without the guidance and support of Dr. Amjad Saqib – CEO, Akhuwat.
Akhuwat's model of Qarz-e-Hasna is based on the following four basic rules:
- Interest free loan to the poor.
- Use of mosques for the disbursement of loan as well as installment collection.
- The borrower shall, in time, support someone else as a lender.
- Money offered for the loan should be interest free.
Asasah launched this program in District of Punjab and Swat, named it “MUWAKHAAT” meaning obtaining amount for Interest free loan from the well to do people and passing that on to the deserving families. This model was initially launched by Prophet Muhammad (PBUH) whereby he encouraged people to help their poor brothers, in order to discourage beggary and help the poor lead a respectable life. The purpose of this concept is not only to borrow but also, when you are able to, lend something to others. This would bring about a healthy change in the approach of an individual, i.e. when the hand that borrows becomes a lending hand.
In order to run this program effectively and successfully, we need to bring a change in our way of thinking. The person borrowing today should have the will to lend tomorrow. Today, many of the Asasah members are contributing, whatever amount possible, in order to help other deserving families and we have been able to pool Rs. 71,000 which is not too big but a positive response from the staff and community.
Asasah's criteria for Qarz-e-Hasna eligibility are as follows:
- PPI score should be above 40%
- Not able to meet the basic needs of the family
- Skilled labor but have no work to do
- Sole breadwinner of the family and scarce income
| Number of Branches | 3 |
| Number of Women | 30 |
| Donations for Qarz-e-Hasna | Rs.71,000/= |
| Number of Interest Free loans | 30 |
| Amount of Interest Free Loans | Rs. 1,91,000/= |
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