Over the last 22 years, Akhuwat has undertaken several initiatives, spread its microfinance operations across Pakistan, and kicked off new projects in addition to Akhuwat Islamic Microfinance. Although we didn’t know everything, we took action and figured out how to do our work more efficiently.
Lesson 1: Resilience and Dignity are often misunderstood among Vulnerable people.
In society, there is a prejudice that vulnerable people incur poverty through flaws and mistakes of their own. However, our work with them shows them they are filled with resilience and dignity.
Lesson 2: Taking Interest in Loans hasn’t been the Norm in our Region.
People have been taking loans without interest in our region before modern banking. That’s why AIM has operated successfully without any interest on its loans and has a 99% recovery rate.
Lesson 3: Poverty alleviation is a Joint Responsibility
It is important to raise local leaders and nurture communities that can work together because Mawakhat/Solidarity can help uplift vulnerable people.
Lesson 4: Failures, when Understood, can Lead to Hope and Progress.
Though failures can sometimes disrupt good work, it is important to respect failures and learn from them rather than deny and bury them.
Lesson 5: Leaders Define the Culture and Expectations of Institutions.
Clear vision, transparency, and responsibility among the leaders are inevitable because these values flow down across the hierarchy and define the work culture across institutions.
Lesson 6: Charity is not the answer if Poverty Keeps Escalating.
Charity is not the answer, especially when more and more people keep falling behind the poverty line. Institutions must equip people so that they can support themselves.