Ethical Finance Initiative Award Winner: Hassan Abdulmageed, Bank of Khartoum

Bank of Khartoum developed an Islamic Microfinance Development solution with the aims of empowering the poor by doing business with them, and not just financing them, and by targeting not only their needs, but the society's needs.

Bank of Khartoum was able to build various financial business models to assist the poor in Sudan's rural areas. One of these models is abu-halima for greenhouses agricultural production. This is a Mudarba financed investment with 125 poor families in a rural area in the state of Khartoum which assists the community to produce high quality vegetables.

Another business model, in Wad Balal (a village in Jazeera State), revived this rural village by facilitating cattle fattening in their existing cattle farming operations. The project was financed by Islamic microfinance by using Murabaha for 100 families, each family receiving ten cattle. To change the concept of traditional cattle breeding, a facility of fattening was constructed with diminishing Musharaka to finance its expenses.

The foundation of these projects is partnering with communities, transforming them from underprivileged customers into tomorrow's businessmen.

Lifetime Achievement Award Winner: Dr. Amjad Saqib, Founder of Akhuwat

Dr Saqib established the Akhuwat microfinance organisation in 2001. When translated 'Akhuwat' means 'brotherhood'. The organization brings millions into the sphere of financial inclusion on terms that are suitable for them. In doing so, it has created a national network of brick & mortar branches that inculcate the spirit of community, social uplift, entrepreneurship and financial sustainability within a marginalized segment of society.

This transaction between the borrowers and Akhuwat is unique in its regard as it operates on a Qard-e-Hassan (or interest-free) basis. Akhuwat has proven the viability of the interest-free microfinance model and has established itself as the largest organisation of its kind in the world. Similar interest-free microfinance programmes in the Governments of Punjab, Gilgit Baltistan and Pakistan have now been been established based on the success of the parameters designed and developed by Dr. Amjad Saqib in Akhuwat.