LAHORE: The donation and zakat collection service offered by Ubank to Akhuwat Foundation will be beneficial for the organization country-wide. This was stated by Chairman Akhuwat Foundation Dr. Amjad Saqib while addressing the audience at the lftar Dinner at a local hotel on the occasion of Launching Ceremony of Donation and Zakat Collection for Akhuwat through Ufon&powered Upaisa network, available at more than 25,000 Upaisa outlet and Ubank branches across Pakistan.

Dr. Amjad Saqib informed that Akhuwat Foundation, the largest Interest Free Micro Finance Organization of the world has thus far distributed more than Rs9 billion, benefiting more than 550,000 persons/families in its 14 years journey that started from a very humble beginning. He pointed out that the Akhuwat growth has been exponential. The organization that has distributed Rs1 billion in its first 10 years, is now disbursing same amount in less than three months. Current Outstanding portfolio of this interest free program, that has a 99%+ Recovery Rate, is above Rs 2.31 billion benefiting more than 225,000 people. Dr. Amjad also informed that Akhuwat is having a very large program for the North Waziristan IDPs, just as it did for the Tharparkar disaster. Akhuwat is providing services in Health and Education sector as well.

Speaking on the occasion, Mr Arif Sirhindi, President and CEO of the U Microfinance Bank termed it as an honor for the Bank to join hands with Akhuwat in its noble cause, based on the Islamic principle of ‘Ukhuwa’, the brotherhood. He said that Ubank, a fully owned subsidiary of PTCL was granted the country wide license by State Bank of Pakistan in February 2013. In the short span of time Ubank has gained a prominent position among its peer organizations that has been recognized at global level as well.–Staff Reporter

Mr. Sirhindi further added that the bank is proving service though its branches as well as Branchless Banking arm through Upaisa where the unbanked customers can fulfill their banking needs in easy and efficient manner, including donation collections. He assured that Ubank is looking forward for a long term, mutually beneficial relationship with Akhuwat.

The ceremony was attended by ministers, government officials, dignitaries, traders, businessmen and prominent personalities from different walks of life.