Home / Business / ACCA hosts Dr Amjad Saqib, founder of Islamic micro finance company Akhuwat in the UK

ACCA hosts Dr Amjad Saqib, founder of Islamic micro finance company Akhuwat in the UK

LONDON:  (Parliament Times)    Dr Muhammad Amjad Saqib, the founder of the Islamic micro finance company, Akhuwat, met
with Alan Hatfield, executive director for strategy and development at ACCA’s London
headquarters on 12 July 2019.
Dr Saqib was in London to speak at an event organised at the House of Lords, the upper house
of the Parliament of the United Kingdom, and also wanted to meet with the global professional
body to discuss his organisation’s initiatives to promote literacy and micro finance in Pakistan,
and around the world.
In Pakistan, micro finance is proving popular amongst the growing SME sector; SMEDA, the
country’s SME development authority, calculates that nearly 90% of companies are SMEs, most
of them operating in the informal sector, so the demand for micro finance is also growing.
Alan Hatfield said of the meeting: ‘It was fascinating to hear first-hand from Dr Saqib about the
aims of Akhuwat, and about how it has grown over the years. Dr Saqib and his team are clearly
passionate about the aims of the business, and of how micro finance can help SMEs grow and
thrive in Pakistan. The micro-credit industry is proving popular in many countries around the
world, offering innovative and accessible ways to fund SMEs. It is important for ACCA
accountants to understand how the micro finance model works, as the first point of advice for
many SMEs is the professionally qualified accountant.’
Dr Saqib added: ‘Since 2001, Akhuwat has opened over 850 branches in 486 cities/towns
across Pakistan, enabling over 3.5 Million families to become self-reliant by extending interest-
free loans worth more than £400 million. Now, through Akhuwat University, we will be providing
higher education without any tuition fee to support the upward social mobility in the country.
ACCA and Akhuwat share the same values and we will continue working together to promote
financial inclusion and access to world-class education in Pakistan. We need to rise together
and make concerted efforts to reduce poverty and make this world a happy place to live in.”

Akhuwat was set up in 2001 and provides interest free loans to the economically poor so that
they may acquire a sustainable livelihood.

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