FAQs
Here you'll find answers to the most commonly asked questions about our services. Whether you're curious about our microfinance offerings, need details on how to apply for a loan, or want to understand our Islamic financing principles, we've got you covered. If you have a question that isn't addressed here, please don't hesitate to contact us directly. We're here to help!
What is Alkhidmat Islamic Microfinance (AKIM)?
Alkhidmat Islamic Microfinance (AKIM) is a Shariah-compliant microfinance institution dedicated to providing financial services to the underprivileged in Pakistan.
What is the vision of AKIM?
AKIM aims for “Sustainable Development through Financial Inclusion,” striving to uplift communities through Shariah-compliant microfinance.
Who regulates AKIM?
AKIM is regulated by the Securities and Exchange Commission of Pakistan (SECP) as a Non-Banking Islamic Micro Finance Company.
What are the core values of AKIM?
AKIM operates based on Diyanat (Integrity), Amanat (Empathy), Ikhlas (Trustworthiness), and Ehsas (Sincerity) (DAIE), emphasizing ethical conduct and community service
How does AKIM empower individuals?
AKIM adheres strictly to Shariah principles in all its financial transactions and operations.
Who can apply for AKIM's services?
AKIM offers interest-free loans, tailored to the needs of underprivileged individuals and entrepreneurs.
What support does AKIM provide besides financial assistance?
AKIM offers mentorship programs through its volunteer network, supporting beneficiaries with business advice and guidance.
How does AKIM differ from traditional microfinance institutions?
AKIM integrates Shariah compliance, volunteer-based mentorship, and a focus on sustainable business practices to create lasting social impact.
Can AKIM loans be used for specific purposes?
Yes, AKIM loans can be used for various purposes including starting or expanding businesses, purchasing assets like sewing machines.
How does AKIM ensure transparency in its operations?
AKIM maintains transparency through clear disclosure of terms, regular audits, and adherence to regulatory requirements.
Does AKIM charge interest on its loans?
No, AKIM provides interest-free loans, aligning with Shariah principles of finance.
What is the processing fee for submitting an application to AKIM?
PKR 2,500 is the non-refundable and non-transferable processing fee of submitting an application to AKIM.
What are the eligibility criteria for receiving AKIM's financial support?
Eligibility criteria typically include income levels, business viability, and the applicant’s commitment to ethical business practices.
How does AKIM measure the impact of its programs?
AKIM measures impact through metrics such as business growth among beneficiaries, poverty alleviation, and community development.
What geographical areas does AKIM serve?
AKIM has a wide geographical outreach across Pakistan, focusing on areas with high levels of poverty and unemployment.
Does AKIM provide support beyond financial assistance?
No, financial assistance is only provided for income generation projects / activities.
Can AKIM services be accessed online?
Not currently, but in a short while, these services can be accessed online
How does AKIM ensure sustainability in its operations?
AKIM ensures sustainability through operational efficiency, donor support, and strategic partnerships, aiming for long-term impact in the communities it serves. Development of an endowment fund is a main part of its long term sustainability goal.