In a groundbreaking initiative aimed at promoting both sustainability and women’s empowerment, Faysal Bank Limited (FBL), one of Pakistan’s largest Islamic banks, has teamed up with Akhuwat Islamic Microfinance (AIM) and The Citizens Foundation (TCF). The collaboration aims to provide interest-free solar financing to women and educators across Pakistan. This move underscores Faysal Bank’s commitment to creating a positive social impact while promoting green energy solutions.
The announcement of this partnership was made on International Women’s Day, aligning perfectly with the global observance of empowering women and promoting sustainable development. The initiative will offer flexible repayment plans to women, particularly those in education, enabling them to install solar systems. This strategic move not only supports gender equity but also reduces electricity costs for educators, most of whom are women. Furthermore, it reduces the reliance on Pakistan’s national grid and contributes to decreasing carbon emissions, aligning with global climate goals.
The partnership was formalized with a Memorandum of Understanding (MoU) signing ceremony at Faysal House, attended by Mr. Yousaf Hussain, President & CEO of Faysal Bank, Dr. Amjad Saqib, Founder of Akhuwat Foundation, and senior members of Faysal Bank’s management team. This landmark collaboration is a direct response to the growing need for clean, affordable energy solutions in Pakistan while also ensuring the empowerment of women, a group that has historically faced barriers to financial independence.
During the signing ceremony, Mr. Yousaf Hussain expressed the bank’s dedication to integrating sustainability into its corporate culture. He stated, “At Faysal Bank, we believe that true progress is driven by sustainability and empowerment, leading to meaningful action. Through this initiative, we are not only promoting renewable energy but also alleviating financial burdens and fostering long-term resilience for women. In line with this year’s International Women’s Day theme, ‘Accelerate Action,’ we remain steadfast in our commitment to creating a more inclusive, equitable, and sustainable future—one where all women have the opportunity to thrive.”
The initiative focuses on promoting the use of solar energy as a clean, renewable alternative to conventional power sources, a critical step in the fight against climate change. By reducing reliance on traditional energy sources, the project will help lessen the strain on Pakistan’s overburdened national grid and provide long-term savings on electricity costs. This move towards solar energy is expected to improve the quality of life for women and educators by providing them with affordable, reliable power sources, thereby allowing them to focus on education and personal development.
Dr. Amjad Saqib, the founder of the Akhuwat Foundation, shared his thoughts on the partnership, highlighting its broader social impact. “Our collaboration is a step toward creating a more sustainable and equitable society. By offering interest-free solar financing, we are not only contributing to environmental conservation but also uplifting women and educators, providing them with financial independence and a cleaner, greener future. We extend our heartfelt gratitude to Faysal Bank for supporting this noble cause,” he said.
Mr. Asad Ayub, CEO of TCF, echoed similar sentiments, noting the importance of providing women with the tools to ensure a brighter future. “This partnership brings together our shared vision of empowering women and ensuring a sustainable future for the next generation. By providing access to solar energy, we are equipping women with the tools for a brighter, self-sufficient tomorrow. We are grateful to Faysal Bank and Akhuwat Foundation for making this initiative possible,” he remarked.
The collaboration between Faysal Bank, Akhuwat Foundation, and TCF demonstrates a collective commitment to social change, with a focus on economic empowerment, environmental conservation, and educational progress. The initiative is poised to make a lasting impact by addressing both the energy needs and the socio-economic challenges faced by women in Pakistan, particularly in rural and underserved areas.
This partnership stands as a testament to the power of collaboration in tackling the interconnected challenges of climate change and gender inequality. Through this initiative, Faysal Bank, Akhuwat Foundation, and TCF are paving the way for a more sustainable, equitable, and empowered future for women in Pakistan.