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Thursday, January 21, 2010

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Editorials/Op-
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News An ambitious goal of fighting
poverty

International Staff Reporter ---PDF Corner---

National LAHORE: Farhat Abbas Shah emerged on ::Today's Front Page
Lahore the literary secne of Lahore about couple of ::Today's Back Page

Islamabad year ago and immediately got the attention ---R E V I E W S---
Sports of the youth. He is a prolific writer who ShowBiz
Business already who has already written about 67
Market books.
Corporate
Now he has ventured on a poverty
ShowBiz
alleviation drive by according to him a new
Fashion & Film
coincept of micro financing which shuns
Comments interest and aims at profit loss sharing.
Editorials/Op-Ed Excerpts from his interview are being given
Today's Cartoon below

Q: Microfinance generally failed to alleviate

poverty. What different you intend to do in
this sector?
Priyanka Chopra ousted from
‘The Italian Job’
A: It has not failed I believe. It is yet in the Sports
process and it would deliver. This concept
is just 12 yeas old. People involved in this
are still in the process of learning. The
experts in this field are endeavouring to
identify the gaps. They are modifying it
through making changes.

Q: What gaps and weakness you have

The Company identified as yet and how do you intend to
Advertise take it up?
Contact Us
Quick Vote A: In the beginning it in fact was micro
Do you think suicide credit which was limited to loaning and
MELBOURNE: Kim Clijsters
bomber belongs to recovery. Then it was realized that the returns a shot against
Taliban? person at the receiving end should not be Tamarine Tanasugarn during
treated as we do with the privileged people. the Australian Open Tnnis
Turnament.
Yes We ought to give them non-financial
 services as well like micro insurance and
No micro saving. Then it was realized even this
Can't Say was not enough. The came the concept of
microfinance plus.

Vote
Q: What is micro finance plus?
View Poll Results
Magazines A: In includes credit discipline and
awareness and basic business education.
To put it brief, women empowerment and
capacity building was also incorporated in
it.

Q: How Farz Foundation intends to take it

up?

A: We learnt through research and

observation that the indented outcome was
not in line with the expectations. Reason
for this was the loans that were deemed
productive they in fact proved non-
productive. The borrowers were using their
loans on non-productive activities. We
Actions came to the conclusion not to give them
Your Comments the hard cash. Instead, we would give them
Add To Favourites assets, tools and goods with which they
could income generating activities. We
have already started giving them these
facilties.

Q: Would explain what type of assets and

services are you providing?A: We for
instances would buy the poor sewing and
stitching machines, stuff like groceries to
be sold by them at their outlets and
transport etc. Amongst the non- financial
services free eye-camps, general health
care and free education for the children of
the poor are included.

Q: Have you become operational in

achieving these goals?

A: We have already started our operations

from Lahore in the poor neighbourhoods
like Chongee Amar Sidhu and borders areas
in Kasur. In the first instance we will
ensure the economic empowerment
through enabling the subject to become a
bread earner for him/her family. In the
second phase when the business becomes
self-sustaining, we will upgrade the facility
already provided through loaning on
commercial basis. We will not charge
interest. We rather would share the profit
to further expand the operations.

We in fact have brought this process in line

with the cultural and religious sensitivities
of this region by relying on profit sharing
rather than interest.

Q: Have you got any support from any

sector as yet?

A: In social sector almost everyone who get

to know this project, but in microfinance
sector only Akhuwat has facilitated us. Dr
Amjad Saqib has given the first donation
and encouraged us a lot. Actually my
mission is to wage war against poverty,
deprivation, illiteracy, resulting in
terrorism. The only way to get out of this
mess is through economic empowerment of
those being either forced to commit suicide.
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