Provide empirical evidence of your proposed solution's success/impact at present. If your project is in the idea phase, please provide evidence that speaks to its potential impact
Given below is the success story of a woman who had been pushed to the edge owing to lack of finances. The Farz Foundation empowered and change her life
My name is Rubina wife of Ejaz Ahmed and I live in Chungee Amar Sidhu Lahore. My husband is earning only Rs 2, 000 as a driver in a factory.
I used to work at a beauty parlor as an assistant. I was making some money, but could not meet my expenses. We have three children and could not afford their education. I was taking loans without knowing how I would repay them. I had no idea how I could get rid of this vicious circle. One day my friend who was working at some other Parlor, told me about the Farz Foundation, which lends assets and gives business training to women so that they could be self-sufficient. I visited where there was a training session being held by the Farz Foundation. There I met Nomana sister, a trainer at Farz Foundation. I had a five-day course of business development. There we were taught that to be self-sustained and we need to start our own business. And we also need a business education to be successful.
They taught us book keeping, preparation of feasibility and estimation of income and expenses. After the training they offered certain productive assets to us to start our business. I wanted to establish my own beauty parlor. They bought me assets worth Rs 10,000 . I started a little parlor from my own home.
In accordance with the education given by the Farz Foundation, I introduced my beauty parlor in the neighboring area. Within one month I shifted my beauty parlor to an independent place. Now I look forward to further development of my business. I now earn about Rs 15,000 to 20,000 a month and can easily meet my expenses, including school fee for my children, apart from paying my installments to the Farz Foundation. Thank you Farz foundation.
How many firms do you expect to reach?
We primarily aim at reaching out to Islamic Microfinance organizations at international level, who can replicate the methodology successfully owing to its inherent potential. It would be minimum 10 organizations.
What is the volume of private SME finance you aim to catalyze?
It depends upon the procurement of funds as their lies a huge untapped market in the regions specified earlier. If we go for Farz SME village then we required. minimum 30 Billion USD.
And if we go for individual HBME clients, then we need 20 billion USD to catalyze.
What time frame will be required to reach these targets?
one year for planing, Research, staff hiring and training, one year for pilot project and then five years for first phase.Second Phase will be consisted of 20 years.
What would prevent your solution from being a success?
The success of free market economy lies in making a positive use of capitalism inherent capacity to embrace positive change, which ensured its survival in the face of apparently insurmountable challenges. The new and innovative products should be whole heartedly encouraged to meet the millennium goal of eradicating poverty. However, the rigidity on the part of local providers(existing intermediaries) is and has been the sole factor that could prevent intelligent and honest efforts. Un successful players of conventional financing consciously or un consciously tend to replicate their failures through thwarting such efforts by their non cooperation. But, thankfully, the international players seem alive to their responsibilities. Sociopolitical instability and wars could also damage the efforts.