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Akhuwat Foundation
PROJECT
Subject:Fundatmental of Management

University Of The Punjab

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Akhuwat Foundation
Overview

By the grace of Allah, we are the World’s Largest Islamic Microfinance Organization.

Akhuwat aims to alleviate poverty by creating a union of harmony between the wealthy and the
marginalized. The goal of Akhuwat was to develop and sustain a social system based on mutual
support. We extend a helping hand to the poverty-stricken by providing interest-free loans so
they can start a business and become self-reliant.

We are a non-profit company, established in 2001, and registered with the Securities &
Exchange Commission of Pakistan under section 42.

History

When the Dr. Amjad Saqib was working at the Punjab Rural Support Program (PRSP) in 2001,
Dr. Amjad Saqib strongly analyze the the interest raye of loans was the 20 percent. And this
policy was the against of The Islamic Rules Bercause Islam declare the ‘SOOD’ or “RUBA”
haram.ON the other hand percentage of interest against loans was to much loer by banking
system as copmare to the Punjab Rular Support Programme.

With the attention to make change in the system , Dr. Saqib wanted to start a Microfinance
program where the loans were in the form of Qarz-e-Hasna and the benevolent loans.He
present the idea of interest fre loans system before their friends and their friends give him
support in this programme. With an initial donation of a humble 10,000 rupees from Mr. Saleem

Ranjha and the undying support of Dr. Kamran Shams, Dr. Izhar Ul Haq and Mr. Humayon
Ehsan, Akhuwat was formed. The first loan was given out to a woman.
At the initial stages, Akhuwat was simply a charitable scheme to see how interest free
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Akhuwat Foundation
microfinance would do. However, by 2003, the donations had increased to a hopping Rs. 1.5
Million and the loan recovery rate was 99.99 percent. Consequently, it was decided to initiate
Akhuwat as a proper and registered organization under the Societies Registration Act of 1860.

From 2001 to 2003, Akhuwat had managed to receive donations at an exceptional scale. The
work that was once handled by Dr. Saqib himself and one another employee was delegated.
These two years became the “action research”, laying the foundation of a great movement and an
unmatchable institution to date. The investments made by the small team eventually lead to the
establishment of Akhuwat’s first branch in Township, Lahore. The same branch now serves as
the Head Office.

Timeline
Akhuwat was started in 2001.The first office of akhuwat was established in Lahore on 26
March. The first two loans were issued of amount Rs. 10000.After 6 monts this loans was
recovered totally.
In 2003 Akhuwat was registered under the socities Act as non-profit making organization. After
the registration 500 hundreds borrowwers of Akhuwat was invited by the Governer of Punjab
at Governer house on 27 december in Lahore.
In 2004 The presidentof pakistan was presided a loan disbursement and fundraising scheme
organized by the Akhuwat foundationnat the governer house Lahore.
Another good steps taken by the Akhuwat foundation in 2005 that was Women
empowerment.The basic purpose of this scheme was to provide the loans to women.
The scheme of women empowerment was started and distributed 1100 loans to women in
Aiwan e Iqbal where lieutenant general retired Khalid Mehmood was the chief guest.Akhuwat
issued 600 loans in November and rest in other months.The board members of Akhuwat
foundation was decided to send letters to affluent persons of general public. The purpose of
these letters was to motivate and enhance the life membership of Akhuwat.
In 2006, another steps by Akhuwat foundation is the multifaceted accomplishment. Akhuwat
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Akhuwat Foundation
was presented in international micro finance event, morocco in April. Delegates of the events
appreciated interest free loans and community based lending model.In same year Akhuwat was
become the member of Pakistan micro finance network in july.The second branch of Akhuwat
was opened in August outside the Lahore in faisalabad district Dijikot.And the Akhuwat expand
its network in south punjab by opening its branches in Jahanian, Khanewal district in
september.The 2006 was good year for the Akhuwat because in this year Akhuwat grow
rapidally and became the Pakistan member of charity in september’
In 2007 Akhuwat opened its Head office by purchasing a 5 marla plot in township lahore and in
the same year Akhuwat support a new replication in Karachi with The name of Akhuwat Sindh
in may.In 2008 the Akhuwat was launched a best ever Enterprenurship award. The purpose of
this was to award those people who borrow money and become entrepreneur.And on 1 st of
august Akhuwat starts it donor group that purpose was to become a borroers into donor.
In 2009,Akhuwat starts it servicing mission.The purpose of this mission was to keep 5%
membership fee that was truly feasible to of administration and for other requirements of the
organization.
In 2010, The Akhuwat foundation was also registered in United Kingdom on 10 th june as legal
entity.On 18th of november Akhuwat has completed its 50 branches in Nowshera and KP.An
other fundraising event was placed in which the Ambassidor of italy was also take part in this
event and appreciate the government of italy for their support.In this way the borrowers was
raised to the quantity of 4000.
In 2011, Akhuwat was serving his services in best way so in march 1 billion disbursement
mark.In this disbursement 90000 families were got benefits.The event of disbursement was
places in Data Mosque Ganj Baksh where 3000 families was received loans and chief minister of
punjab who requested Akhuwat to work collaboration with government punjab.Akhuwat
inagurated the chief minister disbursement scheme of loans at Hazrat Shah Jamal Darbar in
Lahore.This scheme was launched by chief minister and Akhuwat the name of This scheme was
Chief Minister Self Employment Scheme.
In 2012, A inspired Lecture was given by the Dr. Amjad Saqib at Harverd Universiy on 22th
march.Akhuwat also introduced it US and Whirland during march and april in a visit.Akhuwat
opened an anti poverty vigil and main canal road.In the same year another chief minister self
employment disbursement scheme at Al-Hamra art complex, Lahore.Akhuwat also attend the
Micro finance forum that was placed in Dubai.
In 2013, The Akhuwat was become 3rd microfinance forum and held a disbursement scheme in
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Akhuwat Foundation
faisalabad on 25 August.Another mega loan ceremony was held at islamabad on september
26.Akhuwat during the event in Al hamra complex also launch his book “Akhuwat Ka Safar” on
october 12.Many events arranges in different colleges and universities on forum of Akhuwat in
which the board members odf Akhuwat delivered inspired lecturs and encourage the student
and teachers to join the Akhuwat foundation as donors.3rd global islamic microfinance forum
was held in october.At the time of christmas ceremony Akhuwat arranged and cut the cake at
the event of Christmas.Actually akhuwat was working for the change of loans scheme in this
way Akhuwat was honourd with the award of “I am the change”.
In 2014, this year was known as fundraising year for the akhuwat.The akhuwat launched his
book in Dubai and during the 27th february and 13th of march a series if fund raisinh dinner was
placed.grand disbursement that was held with the chief minister as guest.At this time a new
service was started with the name of “Cloth bank” in may.Aftaar dinners was also arranged by
the akhuwat in dunbai on 18th july.On wednesdy 29th october Akhuwat also received ethical
innovation challenge and awards.In the same year Mr. shoaib sultan khan inugrated the head
office opening of Akhuwat foundation.
2015 in the life of Akhuwat is known as theinaguration of Akhuwat colleges.Many colleges was
opened for the education free of cost on 7th may.Akhuwat histed a ishtrak project disbersment
in rehmat hospita.A conference of two days was also arranged at UCP to alevate the
poverty.Grand cloth disbersement also arranged same year at the head office.Akhuwat cloth
bank also organized at laberty chowk.
In 2016 Akhuwat reached its 500 branches and achieve many others goals.
In 2017 Akhuwat make a speech in United kingdom and present the Akhuwat ka safar and
another step taken by the foundation was that on 30th december the branches of Akhuwat was
reached 705.
In 2018, Akhuwat and MoU group sign a agreement in which the MoU group promised to
provide technical assistance and also provides discounts on its products to beneficieries of
akhuwat.Akhuwat also celebrate the 50 million disbursement.Akhuwat celebrate seventeen
years phenominal success by hosting an annual dinner at gpverner house, Lahore.Sardar
rameesh singh arora and amin hafeez was honoured by Akhuwat.Islamic organization in
collaboration with Istunbul university awarded this year “Islamic economic award” to akhuwat.
In 2018, The branches of akhuwat spread upto 810 branches.Amount of beneficiries increase
upto two millions.And also an idea of microfinance bank is under process.
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Akhuwat Foundation

VISION
A pverty free society built on the principles of compassion and equity

Mission
Our mission is to allevate poverty by empoering socially and economically marginalized
segments of the society through interst free micro finance and education.

Core Principles
01. Interst free loans
02. Use of religious places
03. Borrowers into donors
04. Sprit of volunteerism
05. Non dicrimination on any basis
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Akhuwat Foundation

Chairman.
Dr. Muhammad Amjad Raza Saqib

Board of Directors
Following peoples are the board of directors of Akhuwat foundation.
 Dr. Izhar ul Haq Hashmi
 Dr. Kamran Shams
 Prof. Humayoun Ihsan
 Mr. Junaid Farid
 Mr. Khawar Rafique Sheukh
 Mr. Muhammad Saleem Ahmad Ranjha
 Mr. Nazir Ahmad Tunio
 Mr. Abdur Rauf Khan

Loan Process.
Following points is the necessary for the purpose of granting loan s from akhuwat
foundation. And the certain and predefined procedure is followed by the borrowers to
grant loans from akhuwat foundation.
 Eligibility Criteria:
 The applicant has to keep its original and valid CNIC card.
 He will have the capacity to run and control the business and have a responsible person.
 The age of the borrowers will be 18 to 62 years.
 The borrowers has the economically mind that means he is interested to do business
and earn profit.
 The borrower should not guilty of any kind of criminal activity and no under the legal
proceedings by any court.
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Akhuwat Foundation
 It is necessary for the applicant to have a good moral and social values in community.
 There should be two guarantors who provide the guarantee of borrower other than the
family members.
 Applicant shall be resident of operational of branch office within the range of 2 to 2.5
KM radius.
 Lending Methodology.
Akhuwat foundation provides interest free loans to its borrowers that called Qurd-e-Hasna.
The loans are disbursed in two ways.
 Group lending
 Individuals lending
Group Lending:
In individuals lending akhuwat foundation lend loans to those people who are looking for
earning money but due to scare resources they can’t do this and unable to support their
families. In this way they apply for loans and these types of loans are generally provided to 3 to
6 people and for the purpose to do business and earn more from this.
Individuals Lending:
This type of loan is generally provided to single person and on the basis of completing the
following conditions to grant loans scheme. And for this purpose applicant has to provide 2
grantors. Loan is issued to that person for economical uses.
 Application Submission:
An application is submitted to the Akhuwat office and pay fee for this application that is varies
from scheme to scheme and also submit necessary documents to the branch manager.
This application is submitted on presubscribed form by attaching necessary documents.
Following are the conditions of submission of form.
 Personal Responsibility
 Two Guarantors
 Post Dated cheques
 Any additional collateral in special case
Following copies of documents are submitted with application forms:
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Akhuwat Foundation
 Copies of CNIC
 Latest utility bills
 Latest Photos
 Copy of Nikahnama
Additional documents may be demanded according to requirments.
 Social Appraisal
In this process the representator of the Akhuwat foundation visit the applicant residental are
and collect the various information about the applicant. The basic purpose of this visit is to
collect the social and moral behavior of the loan applicant. Family members, view of applicant,
visit neighbors and life style of applicant.
 Business Appraisal
In this process the akhuwat evaluate the idea of business of the borrower and check that
the grantors of the borrowers has enough capacity to pay the loans in case of default.
 Second Appraisal
In this process the application is forwarded to branch manager by the unit manager for
further process. Application is forwarded after investigation and then the branch manager
again place a meeting with borrower and guarantors of the borrower.
 Guarantors of Loans
In this process it is informed to the guarantors to keep the borrowers activities in measure and
give him assurance to work with dignity and the guarantors has to pay the amount if borrowers
became insolvent and borrower has to pay the loan on time.
 Loan Approval Committee (LAC)
Every branch has a loan approval committee that is headed by the area manager, unit manager
and other manager. The basic purpose of this committee is to review the loans. If committee
approve the case then the loan is finalized and ready for disbursement. It has to take 3 to 4
weeks to complete this procedure.
 Fund Request to Head Office
After the application of loan is approved by the loan approval committee a request is made to
head office through regional manager and the head office takes necessary steps to transfer the
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Akhuwat Foundation
loan amount to the area manager bank account.
 Loan Disbursement
Loan disbursement process only take once one in a month and these events is usually places at
mosque and church.
 Social Guidance
In this step the borrower is aware of with the following points:

 Emphasis on girl’s education

 Saving the community at large
 Protection and improvement of environment
 Importance of plantation
 Observe of traffic rules and laws
 Following highest values in business
 Recovery and follow up
After the loan is disbursed the unit manager visit the borrower and his residence and notice the
business activity. And remind the borrower to submit loan installment on time. It is nes=cessary
for the borrower to submit loan installment within the 7 date of every month and if borrower
fails to submit within stipulated time then manager visit and contact with guarantors.
 Summary of Loan Process
Following table shows the summary of loan process.

STEPS OBJECTIVE LOCATION

Programme Introduction Awareness Branch/Mosque

Application submission Process initiation Office / Mosques

Social Appraisal Social & ethical screening Place of residence

Business Appraisal Business requirement Screening Business place

Second appraisal To verify social & business Residence & business

appraisal place
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Akhuwat Foundation
Guarantors of loans To ensure guarantee of loans Mosque

Loan Approval committee To approve loan Mosque/Branch

(LAC)

Loan Disbursement Delivery of loan & social Mosque / Church

Guidance

Recovery Deposit Ensuring recovery and social Branch.

guidance

Monitoring. Monitoring. Place of business

Head Offices:

PROGRESS INDICATOR TOTAL

Total Benefiting Families 3,125,952

Total loans disbursed – Males 1,826,231

Total loans disbursed – Females 1,299,721

Amount Disbursed PKR 76,475,612,037

Percentage Recovery 99.97%

Active Loans 998,142

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Akhuwat Foundation
Outstanding Loan Portfolio PKR 16,812,463,472

Number of Branches 812

Programmes
Following programmes are offering by the akhuwat foundation.
Akhuwat islamic microfinance:
This basic purpose of this programme is to provide interest free loans to the needy people.This
company is registered under section 42 of companies ordinance 1984.This loan was given to the
people for improving the living standard.Drawing on theprinciples of social justice and
brotherhood.Micro finance adopted by the Akhuwat as its operational startgies to provide
loans according the rules if Islamic. These types of loans are offered or issued at religious places
and inspire people to build their business and become a borrower into donors.

Education:
Akhuwat is providing mostly education to poors and needy people.Akhuwat foundation is
providing quality level education and food and even providethe transport facility to their
students.To eliminate the poverty from socity ,that is necessary to improve education in the
society.Akhuwat foundation thinks that if loans can be grantd without then education also be
provided free of cost.
Initiatives of Akhuwat:
Following educational institues are build up and operating by akhuwat successfully.

01. Akhuwat college

02. Akhuwat faisalabad institute of research science and technology (FIRST)
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Akhuwat Foundation
03. Akhuwat university
04. Akhuwat schools
05. NJV schools
06. Learning Hub
07. Akhuwat institue of social enterprise management (AISEM)

Cloth Bank
The basic purpose of the cloth bank is to provide the clothes of old and those people who have
not enough source of income to purchase of clothes and basic needs of needy and poor
peoples.And for the purpose of this work Akhuwat appoints all transjenders and provide them
better employment and opportunities.second hand clothes are collected and after repairing or
sewing tears part these clothes are washed and packed after iron.And these cloths is used for
the poor people.These clothes are given to poor families as gifts.The working of collecting and
distributing clothes among poors rapidly grow and collect 2000000 clothes in mere three years.

Akhuwat Khawajasira support programme

Khawajasira support programme was launched for the purpose to provide rights and give them
respect in society.This is fact that normal people do not give them respect and make fun of the
but they are also human and Allah makes them non.productive so its not means that we treat
them as joke.Akhuwat feels that they also needs same things as others so Khawajasira
programme was launched in 2011

Health clinic
This programe of Akhuwat foundation was launched to provide the medical facility to the poor
and distitute people of the society.Akhuwat opened many hospitals, diagnostic clinics ,
pharmacies, clinics and medical stores to provide the medicines at low rates than other to
deserving people.And also treated 265000 needy people free of cost.

Food Bank
The food bank basic purpose is to provide the food to those people whao often sleep with
empty stomach and provide foods to those who unable to earn and support
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Akhuwat Foundation
theirfamilies.Actually this programme working by collecting foods from marriage haal and
outlets who have spare it and many other resources and at the end of the day they distribute it
among deserving people andf in this way they are able to support people.Tjis food is distributed
among needy people with responsibility and dignity.Actually we should not waste our excessive
foods.

Donors:
Following are the donors of Akhuwat Foundation.
01. Mian Muhamad Mansha
02. Mian Amir Mahmood
03. Malik Riaz Hussain
04. Mr. Jahan Khan Tareen
05. Mr. Perwaiz Musharrif (Ex President of pakistan)
06. Mr. Khalid Mahmood (Ex Governer Punjab)
07. CH. Shujat Hussain
08. Malik Iftikhar Ahmad
09. Mr. Hameesh Khan
10. Mr. Shahzada Dawood
11. Mr. Abdul raza Dawood
12. M/s Ghosia Builders
13. M/s New Age Cable
14. M/s Style Textile Mills
15. M/s Ejaz Spinning Mills
16. M/s Sahir Associate
17. M/s Jamshoro Joint Venture
18. M/s Habib Rafique development
19. M/s Haier Group
20. M/s D.G Khan Group
21. Nishat Mills
22. M/s Western Unions
23. M/s Lahore Carpet Manufacturing
24. M/s Asiatics Group of Companies
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Akhuwat Foundation
25. M/s Jamal Rug Weavers PVT ltd.
26. Khawaj Rafique Shaheed Foundation

Foreign Donation:
There are many foreign organization waho are supporting the Akhuwat are listed below:
01. Citi Foundation
02. Oxford university U.K
03. Pakistan Italian Debt Swap Agreement (PIDSA)
04. Pakistan student association (Hong Kong)

Punjab Government:
Punjab government also play very important role in the Akhuwat donations because
Government of Punjab also want to allevate the poverty frompunjab and make ounjab a
poverty free province.So in this way Akhuwat is playing a role of department in this scheme.
Government of Punjab issue two hundred cror for issueing interest free loans to the
deserving people.

Departments of Akhuwat Foundation

Following are some department of Akhuwat Foundation

1. Marketing Department
2. Research Department
3. Finance Department
4. Accounting Department
5. Donation and Zakat Department
6. Admin Department
7. Payroll Department
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Akhuwat Foundation
Now these departments briefly explained one by one.

 Marketing Department

This department is recently started by Akhuwat Foundation for its marketing because
most of people do not know about this foundation. By this process they want to visit
different people so the people have knowledge of this foundation. As its main purpose
is to take from rich and give it to poor. And by marketing they visit people and tell them
and urge them for donate poor people by Akhuwat Foundation.

Before this Akhuwat Foundation did not take interest in marketing and its first time they
take a step for marketing by a motivating add on television and newspaper. And
according to the marketing department and managers of Akhuwat Foundation the step
of marketing increase their donation to a certain limit. And the most beneficial step of
this marketing is that much of poor people which have no idea about Akhuwat
Foundation are well known about this foundation. And by this introduce they become
earning hand just because of little loan and proper guideline which is provided by
Akhuwat Foundation for a small business.

 Research Department

Research Department plays very important role for the right use of funds of Akhuwat
Foundation. This department research according to change in society.

Following are some points which is followed by Research Department during its
research.

o An easy way by which Akhuwat Foundation can collect its funds.

o An easy access to Akhuwat Foundation for people.
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Akhuwat Foundation
o Loan process is so easy because most of the people which are visiting Akhuwat
Foundation are mostly very simple people and they cannot move through a long
process.
o A training class for the person which is willing to take loan for business and guide
him according Islamic Business Schedule.
o The setup of branches and offices by which the cost prices should be minimum
as much as possible.
o Introduce different ways by which people are known by Akhuwat Foundation.
o And ways of providing loan to others so that their religious values cannot
disturbed.

 Finance Department

Finance Department is that providing finance for all running process. All the funds are
collected are saved by Finance Department. In case of establishing of any branch or
offices the Finance is providing by this department. But there is a proper process of
Finance Department for financing. If we take an example of loan issue, then loan is not
issued by the Finance Department directly there is a proper process. A person which is
willing to take loan he has to fill the form and then according to the rules of Akhuwat
Foundation proper training is giving to that person for running of business. When the
person is free from short training class then according to the nature of loan the amount
is issued by the Finance Department.
In short Finance Department provide finance to every department but after a certain
process.

 Accounting Department

Accounting Department is that maintained all the account of Akhuwat Foundation. This
record is very compulsory for every foundation. And Akhuwat Foundation also
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Akhuwat Foundation
maintained the account of all its departments according to term and policies of
Accounting. The record of all department is separate set by Accounting Department.

The budget which is taken by Marketing Department for marketing and advertisement
of foundation. And all record is done by the voucher provided by Marketing Department
for all incurred expenses.

In regard of Research Department, the expenses incurred for the researches for people
so that the foundation become more affective and in end all expenses that are incurred
are properly record by Accounting Department.

 Donation and Zakat Department

Donation and Zakat Department is not related to loan process. This department is only
provided services of donating giving zakat to acceptable people. And only Zakat is
providing to people not form all funds which are for providing loan to people. Donation
and Zakat Department give Zakat to the people which amount is collected in this
department for only zakat and donation purpose. And this department collected some
things and amount for zakat purpose and rich people also give some amount or things
or some purchase of things which are given specially for zakat purpose.

When Donation and Zakat Department collected funds according to need the people not
only donate money they also give things which are used just like as shoes, dresses and
some other things then these are repaired by Akhuwat Foundation as Akhuwat
Foundation have separate department for repairing of things. There is a proper and long
process by which these things are repaired and donate to needy people.

 Repairing and Maintaining Department

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Akhuwat Foundation

This department have very long process by which the things which are collected to
donating to needy people are processed. Specially for clothes

Following are the process name of this department by which clothes are processed

o Stitching of clothes
o Washing of clothes
o Drying of clothes
o Pressing of clothes
o Packing of clothes
o Stored for Donating

 Administration Department

Admin Department have documentary record of all dealing of all department.

If a person visits Akhuwat Foundation Office, he has to get permission from Admin
Department then he will visit. And also for issue of loan the documents or forms for this
is issued by Admin Department. Admin Department have clerks, accountant, typist and
data entry operator.
This department is very important as the whole structure of every foundation is
depends upon the management and its administration.

Administration Department also have some important type of data just like as
o Record of every borrower
o Background of every willing person for loan
o Record of payroll
o Acceptance of application for loan
o Record of electronic mails and messages from Head Offices or others persons.
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Akhuwat Foundation
 Payroll Department

This department have important record of salary of every employee. The salaries of
employees are not decided according to government basic pay scale. There is also some
status of job in Akhuwat Foundation and their salaries are according to their own
policies. For all project they decided to take 5% operating cost which is for their all
needs and this percentage is also used for salaries of employees. And their also a unique
thing that the salaries of employees are according to their skills. Their skills decided
their salary.

 Competitors

For every profit or nonprofit organization there must be some competitors in market. And for Akhuwat
Foundation there is also some competitors in market.

Following are some example of Competitors

o Commercial Bank
o Financial Institution
o Specially Institute which provide loans according to Islamic point of view
o Care Foundations
o Some NGOs

These mentioned examples are competitors of Akhuwat Foundation and these can compete Akhuwat
Foundation by making some better policies than Akhuwat Foundation. Specially banks are competitors
for this foundation they are specially for loans and earn profit by providing loan to customers. As
Akhuwat provides Interest free loan then this facility of Akhuwat create many problems for commercial
banks and other financial institution. And it can possible that some other nonprofit organizations try to
introduce the Akhuwat Foundation as a bad reputed institute.
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Akhuwat Foundation

SWOT Analysis of Akhuwat Foundation

 Strength
o Very well trained staff
o Thousands of people which have great attachment and feelings for Akhuwat Foundation
o Maximum funds
o Government also involved

 Weakness
o No comment

 Opportunities

o Easy to increase their funds

o Expansion of their organization is easy
o People are interested in their work
o People want to attach and work for Akhuwat Foundation

 Threats

o People which fails to pay instalment of loan

o All other nonprofit organization
o Commercial banks
o Financial Institution
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Akhuwat Foundation

 Suggestions

According to our point of view following are some suggestions for Akhuwat Foundation

o There should be very easy process for loan

o Easy access for every branch
o To enhance the loan amount more than 50000/-
o Training period should be very short
o Follow the policies that should be similar to other care foundations or NGOs

 Conclusion

We conclude that there is no best foundation than Akhuwat Foundation, because this provides interest
free loan which is not provided by any other financial institution of Pakistan. They give the idea of
starting up of business to small scale with the funds of this foundation after proper training. We think
that Akhuwat Foundation have no comparison with any other financial institution or commercial banks,
because no other financial institution provides interest free loan and have no real Islamic Etiquette for
business.