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Asia’s ‘Nobel Prize’ is earned by Pakistani microfinance inventor

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Asia's 'Nobel Prize' is earned by Pakistani microfinance inventor
Asia's 'Nobel Prize' is earned by Pakistani microfinance inventor — Newsline.pk/Files

A Pakistani microfinance inventor who pioneered an interest-free and collateral-free microfinance scheme, a Bangladeshi physicist, and a Filipino fisherman were among the winners of the Asian counterpart of the Nobel Prize, which was announced on Tuesday.

The Ramon Magsaysay Award was founded in 1957 to recognize individuals and groups that have made significant contributions to problem-solving and development.

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After the event was postponed until 2020 due to the epidemic, it was held virtually this year owing to the pandemic.

Muhammad Amjad Saqib, 64, was one of five recipients of the Ramon Magsaysay Award, named after a Filipino president who died in a plane crash, for her “lifelong devotion to the scientific profession” and “untiring contributions to vaccine development.” She was recognized for her “unwavering contributions to vaccine development” and “untiring contributions to vaccine development.”

Acknowledged as the “first of its type,” Pakistani development worker Saqib founded the Akhuwat interest-free and collateral-free microfinance programme, which has benefited millions of disadvantaged families worldwide.

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As stated by the award foundation, Akhuwat has grown over the course of two decades from its inception to become the nation’s largest microfinance organization, with a continuous portfolio of $900 million in loans and a loan repayment rate of approximately 100 percent, according to the award foundation.

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