fbpx mmnews

Pakistan’s microfinance pioneer bags Asia’s Nobel Prize

Muhammad Amjad Saqib received the Ramon Magsaysay Award. (Source: Facebook)

MANILA: Pakistani microfinance pioneer, who developed an interest- and collateral-free microfinance programme, was among Tuesday’s winners of what is Asia’s equivalent of the Nobel Prize – the Ramon Magsaysay Award.

Muhammad Amjad Saqib was one of five recipients of the Ramon Magsaysay Award for her “life-long devotion to the scientific profession” and “untiring contributions to vaccine development”.

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

Nearly two decades after its launch, Akhuwat has grown into the nation’s largest microfinance institution, distributing the equivalent of $900 million and boasting an almost 100% loan repayment rate, the award foundation said.

Saqib, who uses places of worship to hand out money, was cited for “his inspiring belief that human goodness and solidarity will find ways to eradicate poverty.”

The Ramon Magsaysay Award was established in 1957 to honour people and groups tackling development problems. The award was named after a Filipino president killed in a plane crash.

Bangladesh’s scientist Firdausi Qadri who helped develop a cheap oral vaccine against cholera, was also a winner for the Ramon Magsaysay Award 2021.

Working at the International Centre for Diarrhoeal Disease Research in Bangladesh’s capital Dhaka, Qadri had a “key role” in creating more affordable vaccines to combat cholera and typhoid, the Manila-based award foundation said in a statement.

Qadri was also cited for her leading role in a mass vaccination effort in Rohingya refugee camps in Bangladesh’s southeastern district of Cox’s Bazar in recent years that prevented a cholera outbreak.

Another winner was Filipino fisherman Roberto Ballon, 53, who was recognised for helping “revive a dying fishing industry” on the southern island of Mindanao where abandoned fishponds had destroyed mangrove forests.

With government backing, Ballon and other small-scale fishermen replanted 500 hectares (1,235 acres) of mangrove forests by 2015, boosting their fish catch and quality of life.

Indonesian documentary maker Watchdoc, which focuses on human rights, social justice, and the environment, also won recognition for its “highly principled crusade for an independent media organisation”.