Impact of microfinance on quality of life, personal empowerment and familial harmony of female borrowers in Pakistan

Abstract

Microfinance institutions have made a significant progress in the last decade with elliptic growth in clients all over the world. As a financial inclusion initiative, microfinance institutions have performed well insofar as outreach to gender diverse groups is concerned. However, their role in poverty alleviation and social mobility is still not convincing albeit the incentives targeted on female borrowers. This paper aims to study the impact of microfinance initiative on enhancement of quality of life (QOL), personal empowerment and familial harmony of the female borrowers through logit probit regression model. Our results show a significant impact of microfinance on QOL enhancement of female borrowers, as well as their families, mediated by personal empowerment. This paper introduces the concept of familial harmony as an integral predictor of QOL of females in Pakistan. Our findings may be helpful in devising cointegrated policies directed upon community and gender‐based microfinance initiatives in public private partnerships.

Humanizing National Harmony in Pakistan While Implementing an Anti-Extremism Strategy

“…In this type of state, certain institutions have more authority than democratic ones because they are better organized, while democratic institutions have always been intrinsically weak (Chaudhary, Usman & Farooq., 2022). Thus, this disparity has resulted in a certain tilt in governmental authority, where elites have been able to wield power for their own purposes and intentions, which has increased the feeling of alienation among the general populace (Fayyaz & Khan, 2021). When the common people, in particular the laborers, peasants, and members of other subservient classes, have the impression that they are being pushed to the side line to reward, they lose interest in the affairs of the state, which in turn weakens the existence of federation (Naveed et al, 2021).…”

“…Pakistan is home to individuals of diverse ancestries, which, when united, produce a lovely bouquet of flowers. Pakistan is also home to one of world's oldest civilizations, making it one of world's most historically significant countries (Fayyaz & Khan, 2021). It is essential for the state to be supported and complimented by popular culture in order to realize goal of achieving national peace.…”