Pakistani microfinance inventor collects Asia’s ‘Nobel Prize’

Pakistani microfinance developer, who established an interest-free and collateral-free microfinance program, a Bangladeshi scientist, and a Filipino fisherman were among Tuesday’s winners of what is Asia’s equivalent of the Nobel Prize.

The Ramon Magsaysay Award was established in 1957 to honor people and groups undertaking problem-solving and development.

It was held virtually this year, due to the pandemic after the event was annulled in 2020.

Muhammad Amjad Saqib, 64, was one of five receivers of the Ramon Magsaysay Award named after a Filipino president killed in a plane crash for her “life-long devotion to the scientific profession” and “untiring contributions to vaccine development”.

Pakistani development worker Saqib established the “first-of-its-kind” interest-free and collateral-free microfinance program, Akhuwat, which has helped millions of poor families.

Akhuwat has been established two decades after its launch has developed into the nation’s major microfinance organization, assigning the consistent of $900 million and boasting an almost 100% loan recompense rate, the award foundation said.