Sharing microfinance best practices
FROM THE MARGINS
Kudos to the Ramon Magsaysay Award Foundation (RMAF) for commemorating the 65th anniversary of the Ramon Magsaysay Awards through knowledge exchanges in key cities of Asia. This is a very effective way to popularize the Magsaysay awardees’ good works and promote opportunities for the replication of their social transformation initiatives.
I was privileged to have been a part of RMAF’s Greatness of Spirit Dialogue and Book Launch in Lahore, Pakistan last April 26-30. It was the second leg of the foundation’s Pakistan Tour (the first was held on April 22-26 in Karachi). These were effective platforms for interaction between RMAF and multigenerational thought leaders in the country, as well as venues for sharing of best practices. There were many laudable initiatives to be shared, since there were 13 laureates (12 individuals and one organization) that received the prestigious Ramon Magsaysay Award in Pakistan.
Knowledge exchange
The Lahore event was co-organized by 2021 Ramon Magsaysay Awardee, Dr. Muhammad Amjad Saqib, social entrepreneur and development practitioner who established the Akhuwat Foundation to provide interest-free microfinance to empower the marginalized communities in Pakistan. Akhuwat provides Islamic microfinance, education, clothes bank, and health services, among others, to more than five million client-beneficiaries. They are helping many poor people.
The thematic focus of the Dialogue in Lahore was “Bridging Generations: Sharing Best Practices in Microfinance.” My presentation on the 2008 Magsaysay Awardee, Center for Agriculture and Rural Development Mutually-Reinforcing Institutions (CARD MRI), preceded the panel discussion and knowledge exchange session. I highlighted our best practices: focus on poor women, good governance, leadership succession, client and staff capacity-building, and complementation of financial products with non-financial services such as microinsurance, education, health, and marketing support to clients, among others. I also shared that we are now doing Islamic Banking in Mindanao to help Muslim communities – a landmark initiative that resulted from our partnership with another Magsaysay awardee, the Dompet Dhuafa of Indonesia.
My co-panelists were illustrious personalities in Pakistan’s microfinance industry: Dr. Rashid Bajwa, CEO of National Rural Development Programme; Amir Khan, CEO of HBL Microfinance Bank; Kabeer Naqvi, chairman of Pakistan Microfinance Network; Ali Khan, partner at Ferguson, Inc.; and Syed Mohsin Ahmed, CEO of Pakistan Microfinance Network.
With Emily Abrera, RMAF Board of Trustee, serving as moderator, our panel discussion was lively and interesting. Issues besetting Pakistan microfinance were discussed, like indebtedness and default rate. We shared learnings on the importance of partnership and collaboration, financial literacy, and digitalization. We also covered important topics, like the impact of microfinance in poverty eradication, equity ownership to poor clients, financial sustainability, and adoption of shariah-compliant principles in microfinance, among others. I was impressed by the panelists’ shared vision of responsible and sustainable growth of MFIs in Pakistan and empowering the youth to ensure the next generation of leaders.
The forum was participated in by about 130 participants – microfinance practitioners, NGOs, academicians, students and government and private sectors representatives.
Bridging generations
The day’s highlight was the launching of RMAF’s book, “Greatness of Spirit,” which features the inspiring stories of the 348 Ramon Magsaysay awardees. More than 200 participants attended this event. Ms. Cheche Lazaro, RMAF chairperson, gave the opening remarks, followed by a video reel of the extraordinary work of the 13 laureates from Pakistan. There was another panel discussion featuring Dr. Muhammad Amjad Saqib and Dr. Ayesha Khan (representing Akhter Hameed Khan). We learned how they started their humanitarian works and the steps that they are taking to involve the next generation to ensure that their programs and legacy will continue.
The closing ceremonies were graced by Maria Agnes Cervantes, Philippine Ambassador to Pakistan and Baligh Ur Rehman, the governor of Punjab.
Enriching visit
Pakistan is a beautiful country and I was happy to experience its rich culture and traditions. We visited the Walled City of Lahore. We also had a chance to observe the changing of the guards between India and Pakistan in the Punjab border – a touching spectacle with thousands of people chanting and cheering on both sides of the border.
We were also able to observe the Islamic microfinance operations of the Akhuwat Foundation. How they organize communities in cooperation with local government units is inspiring. I was very impressed by their community projects, like tea houses that allow people to gather and discuss development issues.
I met representatives from Alkhidmat Foundation Pakistan, Akhter Hameed Khan Foundation, and, SAFCO, among others. I also conducted a brief lecture and sharing session in Minhaj University, attended by the students and faculty of the School of Islamic Economics, Banking and Finance headed by Dr Ejaz Aslam. Our sharing of experiences in Islamic microfinance and other works made me realize that differences notwithstanding, we share a common vision of making this world a better place to live in.
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“The miracle is this: the more we share, the more we have.” – Leonard Nimoy
(Dr. Jaime Aristotle B. Alip is a poverty eradication advocate. He is the founder of the Center for Agriculture and Rural Development Mutually-Reinforcing Institutions (CARD MRI).)