Abstract
Poverty is a risk to harmony, which results in the dismissal
of human rights. Microfinance is a tool that is famous
across the world as a solution to alleviate poverty. Through this tool, lowincome households can have permanent access to a range of high-quality
and affordable financial services that are offered by a range of retail
providers. Community-based organizations, commonly known as "CBO",
play a vital role in providing microfinance to the needy group of people,
which determined the relationship between microfinance and poverty
alleviation. This research presents a comparative study between Akhuwat
Foundation and Kashf Foundation microfinance models for providing
housing finance to low-income groups. A qualitative approach has been
applied to determine the relationship between microfinance and poverty
alleviation. In-depth interviews are conducted with working staff and
borrowers of Akhuwat Foundation and Kashf Foundation (microfinance
organizations). The research concludes that both organizations strive to
alleviate poverty and to enhance the living standard of low-income people
through mutual support in the system. The study also suggests that these
organizations should need to emphasize more on the diversified needs of
the poor people and must aim to serve the most extremely poor strata of
the population.
Authors
1-Muhammad Salman School of Architecture & Planning, University of Management and Technology, Lahore, Punjab, Pakistan.2-Sana Malik School of Architecture & Planning, University of Management and Technology, Lahore, Punjab, Pakistan.3-Fariha Tariq School of Architecture & Planning, University of Management and Technology, Lahore, Punjab, Pakistan.
Keywords
Microfinance, Interest-Free Loans, Community Empowerment, Poverty Alleviation
DOI Number
10.31703/gssr.2021(VI-III).02
Page Nos
9-18
Volume & Issue
VI - III
