ISLAMABAD (PR) Pakistan Pover­ty Alleviation Fund (PPAF) has won the prestigious CIS Islamic Bank­ing and Finance for being the best contributor to the Islamic finance industry. The award was given at a ceremony held in Tashkent, Uz­bekistan.

PPAF was selected for successful­ly implementing the Interest Free Loan Program across Pakistan.

The CIS Islamic Banking and Fi­nance Award is a signature initiative of AlHuda CIBE aimed to recognize the industry leaders and to promote the concept of sustainable economy.

PPAF’s Interest Free Loan Program was selected for its extensive out­reach and its unique feature of catering to the financial needs of the poor and marginalized communities across Pakistan with women being the major clients.

Dr. Irfan Yusuf Shami, Pakistan’s Ambassador to Uzbekistan, was as the chief guest.

While receiving the award, Farid Sabir, General Manager, Interest Free Loan Program, PPAF, said that as of April 2019, PPAF has provided 524,470 interest free loans to the needful.

He said that the Program has benefitted more than half a million di­rectly while 3 million people are benefited indirectly from IFL program.

Distinguished speakers and industry experts from notable organiza­tions working in Islamic banking and finance, Islamic insurance, and the banking industry also participated in the event.