Al-Mawakhat Islamic Microfinance

Minhaj University Lahore organized a grand inaugural ceremony of Al-Mawakhat Islamic Microfinance with a motto,’’ To serve humanity with dignity. “This aims at providing a source of Bread & better as Breadwinner of the family to the unemployed and masses living below the poverty line.
Dr. Hussain Mohi-ud- Din Qadri BOG-MUL and Chairman Al-Mawakhat in his welcome address said,’’ we are all here for a very righteous purpose and feel elated to say that project of Al-Mawakhat is like a precious nugget along with other welfare projects of Minhaj-ul- Quran International. Today five families will be given motorbikes and Rukshwas under this project would be enabled to earn their lively hood with dignity and enhancing their income in a dignified way and turning self-sufficient. This project is based upon the Islamic teachings of ‘’Qarz-e-Hasana” which literally means to help someone in need through interest- free loan. The word Al-Mawakhat is driven from Mawakht related to the Muslims of Medina(the Ansar) embraced with love and sincerity the Muslims migrants who stelled down in Medina, leaving everything they had behind for the sake of GOD. Therefore, the Messenger of God gathered the Ansar and the migrants and laid the foundation of brotherhood based upon mutual economic and psychological support and the principle of being inheritors to each other. This way in one day the Have nots turned into Haves. The basic of Al-Mawakat Islamic Microfinance Is on similar lines to benefit those who want to overcome their financial quagmire with dignity and legitimate source of earnings. Thus, our installment structure is such that provides ample opportunity to the loanee first to earn and then to return out of his earnings.’’
He conceded,’’ that this is going to be a unique plan as many such were already in vogue. But the only difference is the dignity of the loanee would not be at stake. Similarly, Minhaj University students during their studies or afterward want to set up their own business would also be provided with guidelines and project loans to be benefited from this program. However, it is a pilot project. Soon the organization would formulate a strategy to expand it. Besides, there is a plan to launch a business and technical training plan in university.”
He also hinted, ’that one of the major causes of extremism is unemployment. Terrorists exploit this weakness and use them for devious motives. Thus, besides the government, it is also obligatory for the private sector to generate healthy ways of income like Al-Mawakhat Islamic Microfinance
Mr.Syed Tanveer Abbass Tabish, Director Operation (AMIM) in his words of expression thanked all the participants He held in high esteem the efforts of Shaykh-ul-Islam Prof.Dr.Muhammad Tahir-ul- Qadri to eliminate poverty and illiteracy through Minhaj Social Welfare Programs and policies. This project is a key Chain of success of those projects.’’
He added,’’ this project of Dr.Hussain Mohi-ud-Din Qadri, Chairman (AMIM) as per his vision is to make the downtrodden class self-sufficient in their ways of earning in a dignified manner. Like other such projects in mode, we are not limited in its scenario. The applicant has to pay only nominal administrative charges. There are no hidden charges or any other liability. Nothing in advance and on zero mark up, the applicant will be handed over the project equipment to start earning and payback with easy installments of 18 months. It is a project based upon ‘’NO PROFIT NO LOSS’’