Banks took away what was beautiful about the microfinance movement, believes Dr Muhammad Amjad Saqib

Akhuwat was the first interest-free microfinance organisation in Pakistan, aiming to alleviate poverty by empowering socially and economically marginalised segments of the society. It began 12 years ago with $100, and today has 250 branches and over 370,000 borrowers. It charges neither fees nor interest for its loans. In constrast, other microfinance bodies are now often charging up to 40-50% interest per annum. The beauty of the microfinance movement, says Akhuwat Founder Dr Muhammad Amjad Saqib, has been taken away.
Dr Saqib was interviewed by Dr Kamal Munir, Reader in Strategy & Policy at Cambridge Judge Business School.