KARACHI: Bank Alfalah has announced a strategic partnership with Akhuwat to establish a dedicated center aimed at fostering economic empowerment for over 1,000 women through interest-free microfinance over the next three years.
This collaboration marks a significant milestone in both organizations’ commitment to financial inclusion and sustainable development in Pakistan. By providing access to finance, Bank Alfalah and Akhuwat aim to support women entrepreneurs in becoming self-employed and financially independent.
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).
In addition to financial assistance, the center will provide various support services, including financial literacy training, networking opportunities through a community support system, and social and civic guidance. Women from underprivileged backgrounds will have access to interest-free loans ranging from PKR 30,000 to PKR 100,000 to start or expand their businesses.
Mehreen Ahmed, Group Head of Retail Banking at Bank Alfalah, emphasized the importance of empowering women for Pakistan’s socio-economic development. She stated, “This partnership with Akhuwat is a step towards creating an inclusive financial ecosystem where women entrepreneurs can thrive.”
The initiative underscores Bank Alfalah and Akhuwat’s shared vision of promoting financial inclusion and economic stability, further strengthening the role of women in Pakistan’s entrepreneurial landscape.
