ISLAMABAD: When he learned of his nomination for this year’s Nobel Peace Prize, Pakistani philanthropist Dr Amjad Saqib said he had never been motivated by the awards but hoped the news might give a good image of his country.

Founder of Pakistan’s largest interest-free microfinance organization, Akhuwat, Saqib is among 251 people and 92 organizations announced last month as candidates for the annual prize which includes a medal, diploma, 10 million Swedish kronor (1 million dollars) and immediate global attention. .

The Peace Prize is one of five separate prizes funded by Swedish industrialist Alfred Nobel which, according to his 1895 will, are awarded to those who “have conferred the greatest benefit on mankind”. The other four awards are in the fields of physics, chemistry, medicine and literature.

The Pakistani candidate already enjoys worldwide recognition for his work in social mobilization and the fight against poverty. In 2021, he was awarded the Ramon Magsaysay Prize, popularly known as Asia’s Nobel Prize.

“I do all this work for Allah, so I’m not very excited about the awards,” Saqib told Arab News in a recent interview.

“But it is good news in the sense that this appointment will present a good image of Pakistan to the rest of the world.”

Saqib left his job in the Pakistani civil service to establish Akhuwat in 2001. Since its inception, the organization has opened 800 branches across Pakistan, empowering hundreds of thousands of people to become self-reliant.

“We created this interest-free loan fund that the wealthy would contribute to and the institution (Akhuwat) would distribute to needy people without any interest so that they could start a small business,” he said, adding that the first loan had been granted. to a lady who bought two sewing machines to start her business.

To date, the charity has provided over $870 million in $5 million in interest-free loans, while maintaining a 99.9% recovery rate. Operating costs are covered by donations mainly from Pakistani citizens.

“Forty-two percent of our beneficiaries are women,” Saqib said.

“Akhuwat provides loans without quota or discrimination to people who have skills, ideas and the will to work.”

Saqib believes that building businesses provides long-term dividends because it opens up opportunities.

His approach to education is similar.

The organization operates several colleges providing residential facilities for students who cannot afford a quality education. They can pay the tuition fees 10 years later, when they can afford it.

Work is underway to merge the colleges with Akhuwat University.

“Akhuwat University is an education project in which Akhuwat pays for all education expenses like fees, boarding, food, clothes and other similar things,” Saqib said.

“A few colleges of the university are already functioning and about 1,500 students are undergoing training.”