Address by Iftikhar Malik, chief guest at First Islamic Microfinance Conference in Pakistan, 2011
I have known Mr. Farhat Abbas Shah for his poetry and anchor ship, but quite recently, another aspect of his personality has surprised me. He has come up with a novel idea for an economic rehabilitation of the ultra poor through an asset-based financing model along with business training, health care and awareness. And, above all, the timing of his idea coincides with the most difficult times owing to world wide recession and the worst flooding in our history. I also believe that there could be sweeter uses of adversity if one has a thinking mind.
We all know the recent setbacks in the world economy, which is going through its worst crisis (since the Great Depression). He demonstrated the courage to take on the curse of poverty in these difficult times. As a matter of fact, believing in this idea in the beginning was not that easy when the most potent economic structures world wide were crumbling.
He chose Islamic microfinance as an answer to the most pressing questions of our time. But what convinced us all was the success of the first Farz pilot project that was completed with 100 percent results. I believe there always is a room for change and improvement as we have seen that this world has undergone a sea of change during the last many decades. Only those communities and nations survive who keep their doors open to change.
What Farz methodology ensures is a gradual change on solid footings. It aims to choose willing workers, training them and providing them with productive tools. I do agree that as an aftermath of unprecedented floods, scores await this help and we can initiate a self-sustaining economic activity in many parts of this country.
Despite difficult times, India, our next door neighbor is posting a healthy growth rate of above 9 percent. Strangely enough, even Bangladesh has shown a far better economic performance than us. Another alarming fact is that our economy is constantly going downhill. It is our foremost duty to do our bit to the national cause, which ultimately would help us all no matter which sector we work in.
Another fact that makes this task imperative is that modern state structures alone cannot help uproot poverty. The private sector has to play its role. A shared prosperity is the only key to boosting industry and finance. We must help each effort aimed in this direction.
I want to assure the Farz Foundation of all out help for this noble cause. We do need to help ourselves to stand up with grace in the community of nations. And I also believe that another world is possible only if we all realize our joint responsibility.
An incorrigible optimist that I am, I also believe, like Farhat Abbas Shah, that another world is possible. Lets join our hands to assume our responsibility at the most critical juncture of our history. I believe through a collective effort we can make a considerable difference.
