Ihsan Trust has also made inroads in Islamic Microfinancing. Being one of the primary objective of Ihsan Trust, Islamic Microfinancing is one of the most important tool to eradicate poverty from the society, In this connection initially Ihsan Trust has joined hands with AKHUWAT and Wasil Foundation to provide Islamic Microfinancing to the poor and needy people of the society.
Ihsan Trust (IT) in its continued approach of providing financial assistance to the needy student pursuing higher education in Pakistan, has signed a Memorandum of Understanding (MOU) with Akhuwat Pakistan – one of the biggest Islamic Microfinance Institute of the country which was established in 2001 with the objective of providing interest free microfinance to the poor so as to enhance their standard of living. Drawing on the principles of social justice and brotherhood, Akhuwat strives to alleviate poverty by creating a system based on mutual support in society and has adopted microfinance as its operational strategy with the loans being offered in accordance with the doctrines of Qarz-e-Hassan.
The signing ceremony took place in Karachi on August 28, 2013 and the two organizations agreed to cooperate with each other not only in the field of higher education but also in providing Islamic Microfinance to the poor and needy. Dr. Amjab Saqib – President Akhuwat signed the MOU on behalf of Akhuwat and Mr. Ahmed Ali Siddiqui – Treasurer Ihsan Trust signed the MOU on behalf of Ihsan Trust.
Ihsan Trust has always supported the good cause of Akhuwat and has helped them in setting up their new office in Sahiwal in 2010. This joint collaboration will open new doors of opportunity to the Akhuwat beneficiaries to get their children enrolled for higher education which would have a lifelong positive impact on them both in the terms of professional grooming as well as financial stability and prosperity in their lives. We, at Ihsan Trust firmly believe that “Education's purpose is to replace an empty mind with an open one”.
Wasil Foundation, formerly known as CWCD, is a not for profit company, registered under section 42 of companies ordinance 1984. Wasil came into existence as a Non-Governmental Organization in 1992. Ever since its inception, Wasil is devoted towards the achievement of its objective – poverty alleviation through enterprise development. With this objective, Wasil developed a very unique model of microfinance negating the concept of ‘Poorest of the Poor’ by introducing a new ideology of ‘Potential Poor.’
For negating the concept of 'Poorest of the poor' Ihsan Trust is collaborating with Wasil Foundation to do microfinancing in agriculture sector.