Bank Alfalah, Akhuwat join hands to disburse micro loans of Rs25m

KARACHI: Bank Alfalah has announced partnership with Akhuwat to establish a new center 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 organizations’ commitment to financial inclusion and sustainable development in Pakistan.

Through this partnership, Bank Alfalah and Akhuwat aim to provide women entrepreneurs access to finance to become self-employed.

The newly established center in Karachi will serve as a hub for women-led businesses, offering interest-free loans under Akhuwat’s Qarz-e-Hasana 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.

Mehreen Ahmed, Group Head Retail Banking at Bank Alfalah, said that 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.

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