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, Revitalizing the World Economy Through Farz Methodology

, Revitalizing the World Economy Through Farz Methodology

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Published by Farhat Abbas Shah

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Published by: Farhat Abbas Shah on Feb 04, 2012
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07/26/2012

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REVITALIZING
 
THE
 
WORLD
 
ECONOMY
 
THROUGH
 
ISLAMIC
 
MICRO
 
FINANCE
 
FARZ
 
METHEDOLOGY:
 
PRACTICE AND PROVEN RESULTS
 
PAPER
 
PRESENTED
 
ON
 
THE
 
SUMMIT
 
Written
 
And
 
Presented
 
By
 
:
 
FARHAT
 
ABBAS
 
SHAH
 
CEO
 
OF
 
FARZ
 
FOUNDATION
 
FARZ
 
FOUNDATION
 
THE
 
FIRST
 
SHARIAH
 
CERTIFIED
 
ISLAMIC
 
MICROFINANCE
 
INTSTITUTE
 
OF
 
PAKISTAN
 
REVITALIZING
 
THE
 
WORLD
 
ECONOMY
 
THROUGH
 
ISLAMIC
 
MICRO
 
FINANCE
 
“FARZ
 
METHEDOLOGY”
 
A
 
MODEL
 
IN
 
PRACTICE
 
1.
 
BACK
 
GROUND
 
To
 
achieve
 
financial
 
goals
 
in
 
such
 
difficult
 
times
 
is
 
by
 
no
 
means
 
easy
 
business.
 
Farz
 
Foundation
 
took
 
up
 
the
 
task
 
of 
 
fighting
 
poverty
 
when
 
the
 
microfinance
 
world
 
was
 
facing
 
a
 
unique
 
and
 
grave
 
sustainability
 
crisis
 
and
 
the
 
Global
 
Economy
 
is
 
facing
 
the
 
biggest
 
crisis
 
of 
 
the
 
history
 
as
 
well.
 
Much
 
to
 
our
 
amazement,
 
the
 
initial
 
outcome
 
is
 
quite
 
encouraging.
 
In
 
spite
 
of 
 
our
 
funding
 
constraints
 
and
 
lack
 
of 
 
technical
 
support,
 
recoveries
 
are
 
96
 
percent
 
on
 
time
 
with
 
zero
 
percent
 
PAR,
 
while
 
our
 
one
 
of 
 
a
 
humble
 
initiative
 
of 
 
“livestock
 
Mudarbaha”,
 
the
 
business
 
growth
 
rate
 
is
 
more
 
than
 
24%
 
annual.
 
There
 
are
 
only
 
4%
 
partners
 
mismanaging
 
their
 
business.
 
We
 
even
 
didn’t
 
give
 
up
 
on
 
them
 
and
 
gave
 
“out
 
of 
 
the
 
routine
 
trainings”
 
to
 
make
 
them
 
capable
 
of 
 
honorable
 
earning
 
and
 
help
 
alleviate
 
poverty.
 
There
 
was
 
a
 
time
 
when
 
the
 
trickle
 
down
 
effect
 
demonstrated
 
its
 
outcomes,
 
while
 
the
 
time
 
has
 
come,
 
the
 
global
 
economy
 
does
 
not
 
seem
 
stay
 
alive
 
without
 
implementing
 
on
 
my
 
humble
 
theory
 
of 
 
“Twist
 
Up
 
Economy”,
 
which
 
emphasizes
 
to
 
make
 
the
 
three
 
billion
 
poor
 
our
 
Productive
 
Micro
 
Partners(PMPs)
 
to
 
not
 
only
 
kick
 
start
 
a
 
huge
 
potential
 
economic
 
cycle
 
but
 
also
 
to
 
build
 
a
 
wide
 
international
 
customer
 
base.
 
Farz
 
Methodology
 
has
 
been
 
developed
 
on
 
the
 
philosophy
 
of 
 
developing
 
micro
 
partnership
 
with
 
the
 
poor
 
on
 
profit
 
and
 
loss
 
basis.
 
At
 
present
 
it
 
is
 
being
 
implemented
 
in
 
Pakistan
 
and
 
abroad.
 
We
 
the
 
microfinance
 
practitioners
 
have
 
done
 
it
 
and
 
proved
 
that
 
it
 
is
 
possible
 
and
 
promising
 
to
 
turn
 
the
 
threat
 
into
 
an
 
opportunity.
 
Our
 
goal
 
is
 
to
 
“empower”
 
the
 
poor
 
with
 
a
 
sense
 
of 
 
self 
 
belief.
 
2.
 
THE
 
SECRETS
 
OF
 
OUR
 
SUCCESS
 
2.1.
 
We
 
are
 
100%
 
Shariah
 
Compliant
 
2.2.
 
We
 
are
 
80%
 
Asset
 
Based
 
2.3.
 
We
 
are
 
100%
 
Social
 
performance
 
focused
 
2.4.
 
We
 
are
 
100%
 
commercial
 
 
2.5.
 
We
 
are
 
vigilant
 
supervisors/monitors
 
2.6.
 
We
 
work
 
through
 
the
 
trade
 
structures
 
2.7.
 
We
 
screen
 
our
 
Clients/partners
 
carefully
 
2.8.
 
We
 
customized
 
products
 
and
 
the
 
tool
 
under
 
Shariah
 
compliance
 
according
 
to
 
the
 
need
 
of 
 
the
 
customer/partner
 
and
 
the
 
market.
 
2.9.
 
We
 
are
 
transparent
 
2.10.
 
We
 
prefer
 
synergies
 
3.
 
OUR
 
COLLABORATIONS
 
3.1.
 
World
 
Congress
 
of 
 
Muslim
 
Philanthropists
 
3.2.
 
Oxford
 
Microfinance
 
Initiative
 
3.3.
 
Church
 
World
 
Service
 
Pakistan/Afghanistan
 
3.4.
 
Pak
 
Qatar
 
Family
 
Takaful
 
3.5.
 
Provincial
 
Ministry
 
of 
 
Livestock,
 
Pakistan
 
3.6.
 
University
 
of 
 
Veterinary
 
and
 
Animal
 
Sciences
 
3.7.
 
Punjab
 
Agricultural
 
and
 
Meat
 
Corporation,
 
Pakistan
 
(PAMCO)
 
3.8.
 
Halal
 
Research
 
&
 
Development
 
Committee
 
(PAMCO)
 
4.
 
OUR
 
REPLICATORS
 
Farz
 
Methodology
 
is
 
being
 
replicated
 
by
 
4.1.
 
Cameroon
 
Halal
 
Microfinance
 
(Cameroon,
 
Africa)
 
4.2.
 
The
 
NGO
 
World
 
Foundation
 
(
 
Pakistan)
 
5.
 
OUR
 
MARKET
 
INTELEGENCE
 
5.1.
 
The
 
First
 
study,
 
Farz
 
Foundation
 
has
 
conducted
 
to
 
know
 
the
 
percentage
 
of 
 
clients
 
comfortable
 
with
 
Interest
 
based
 
Loans
 
/
 
Financing.
 
100%
 
clients
 
(already
 
getting
 
loans
 
from
 
interest
 
based
 
MFIs)
 
responded
 
they
 
are
 
not
 
comfortable
 
and
 
the
 
reason
 
why
 
they
 
opted
 
for
 
interest
 
based
 
loans
 
 just
 
because
 
there
 
was
 
no
 
alternative.
 
When
 
we
 
offered
 
the
 
alternative,
 
62%
 
were
 
willing
 
to
 
accept
 
and
 
the
 
remaining
 
were
 
simply
 
not
 
ready
 
to
 
believe
 
there
 
is
 
an
 
alternative.
 
How
 
ever
 
the
 
100%
 
untapped
 
clients/partners
 
are
 
ready
 
to
 
work
 
with
 
interest
 
free
 
microfinance.
 

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