Karachi: Bank Alfalah, announces its partnership with Akhuwat to establish a new centre dedicated to fostering economic empowerment for over 1000 women through interest-free microfinance over the period of 3 years.. This collaboration marks a significant milestone in both organisations' commitment to financial inclusion and sustainable development in Pakistan.
Akhuwat, a pioneer in interest-free microfinance, has been at the forefront of poverty alleviation since its inception in 2001. Over the years, it has successfully disbursed over PKR 250 billion in interest-free loans, benefiting more than 4 million families across Pakistan. The organisation's holistic approach extends beyond microfinance,
encompassing education, healthcare, and social guidance to uplift marginalised communities.
Through this partnership, Bank Alfalah and Akhuwat aim to provide women entrepreneurs access to finance to become self-employed. The newly established centre in Karachi will serve as a hub for women-led businesses, offering interest-free loans under Akhuwat’s Qarz-e-Hasan model. This initiative aligns with the United
Nations Sustainable Development Goals (SDGs), particularly in promoting gender equality (SDG 5) and economic growth (SDG 8).
The centre will offer various services, including financial literacy guidance, network opportunities through the development of a community support system, and social and civic guidance. Women from underprivileged backgrounds can access interest-free loans, starting from PKR 30,000 up to PKR 100,000 to start or expand their businesses.
The initiative will also focus on building a sustainable model where prosperous borrowers can transition into donors, thus perpetuating the cycle of economic empowerment.
Mehreen Ahmed, Group Head Retail Banking at Bank Alfalah, stated: “Empowering women is key to Pakistan’s socio-economic development. This partnership with Akhuwat is a step towards creating an inclusive financial ecosystem where women entrepreneurs can thrive. Providing access to interest-free microfinance enables women
to turn their ideas into sustainable businesses and contribute to the nation’s
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