A QUALITATIVE STUDY ON THE SOCIO-ECONOMIC IMPACT OF PARTICIPATION IN AKHUWAT ISLAMIC MICROFINANCE ON POVERTY ERADICATION AND WOMEN EMPOWERMENT

Abstract

Microfinance is viewed as a silver bullet solution to poverty eradication and women empowerment, however, this model has proved fruitful in some countries and failed miserably in others. Numerous factors influence the level of success of microfinance models. Disposition, prior experience, the amount of persons involved in implementation, and capability are all aspects that affect poverty reduction and women's empowerment. The primary goal of Akhuwat Islamic Microfinance is to alleviate poverty and promote women's empowerment by offering interest-free microfinance loans to enable them to establish a business and improve their quality of life. A deductive research approach was used to assess the effectiveness of microfinance in alleviating poverty and empowering women in Pakistan's rural areas. Ten CEOs and managers from microfinance organisations participated in the interview. The information gathered was analysed using thematic analysis, which entails creating multiple themes based on the responses of the respondents. Overall, there is a clear link between microcredit funding, poverty reduction, and women empowerment, according to the findings.