Incredibly impactful experiences of Bibi Fakhira powerfully illustrate the challenges many women face in patriarchal societies, especially when confronted with the loss of a male family member. It also demonstrates how access to financial services can be transformative in such situations, providing relatable examples that can inspire others and demonstrate the real-world impact of financial inclusion initiatives.
Her journey to success is a prodigious blueprint for the entire female labour involved in agriculture and sets a splendid example. Empowering these women financially could indeed be a catalyst for broader economic prosperity.
Facing the tests of widowhood in 2004, Bibi Fakhira’s life became challenged by lack of finances, greedy relatives, and looking after noticeably young children. People advised her to sell off and move away, but she refused to be defined by her circumstances. Instead, she seized an opportunity that would change her life forever – she sought an Agri Loan, to take charge of the dwindling business of her farm, that her husband managed.
Often visited by teams carrying State Bank of Pakistan’s (SBP) mission for financial literacy for the underserved, she had gained enough understanding of how to pivot the circumstances via financing. Though she gives heartfelt credit to her late husband for the confidence, she was quick to see the potential of Khushal Kisan Scheme by Faysal Bank and applied for the (interest free) financial support enabling her to become the first female farmer in the Attock region.
The SBP’s drive for financial literacy has impacted on a large scale creating a cognizance for strategizing and managing finance. As in this case, Bibi Fakhira prioritized infrastructure and went ahead with the construction of two small dams on her farms. She mechanized the land with tractors and other machines, built garages, expanded the cultivated area, and created a workflow, enabling the profits to be used for re-payments as well as business development.
She ended buying more farmland on regular basis, and working with the Khushal scheme, has now opened two additional arms of her business by going into fish farming, and launching a branded product of peeled garlic (she is immensely proud of the machines that she has brought over from China for the purpose).
She has also rented out portions of the farmland to agri-preneurs, while the rest is being managed by her and her son, for operational efficiency. Her children managed to get a good education, with the three younger ones becoming a lawyer, a doctor, and an engineer, respectively. While her eldest daughter had her dream wedding. She credits the Bank for her prosperous drive to success. Her interviews, from her smart, well-equipped abode speak volumes for right financing for developing communities.
Bibi Fakhira earned recognition as a Strong Woman Farmer in her community, a title that speaks volumes about her influence. Her achievements caught the attention of foreign diplomats and even the President of Pakistan, who honored her contributions to agriculture and women’s empowerment.
Khushaal Kisan Scheme is a perfect fit for the celebratory week for Small Medium & Micro-Enterprise (SMME) as one of the strongest products of small business development. Specially designed to support the deserving farmers against all odds, it carries the Islamic ethos for inclusivity for women and small businesses empowerment. The facility is available across Pakistan for all those who wish to take the next step in agricultural realm for independence and prosperity for their families and the community.
Islamic banks Agri-financing, being interest free, and developed on the ethos of wellbeing and sustainability, offers a comprehensive range of financial solutions tailored to meet the diverse needs of farmers and agricultural businesses. This innovative program provides both Production Finance and Development Finance options.
Production Finance covers essential costs such as agricultural inputs, storage, transportation, and working capital for various farming activities, including crop cultivation, orchards, nurseries, vegetable farming, and floriculture.
The Development Finance component is even more extensive, supporting investments in farm power (e.g., tractors, harvesters), machinery and equipment, transportation vehicles, irrigation systems, land improvement, storage facilities, and seed processing units.
The scheme extends its support to specialized agricultural sectors, offering financing for dairy farms, livestock operations, poultry farms, and fish farms, covering both infrastructure and operational costs. To enhance the scheme’s value, Faysal Bank has arranged Takaful coverage at competitive premium rates, with the Federal Government subsidizing premiums for small and eligible farmers. This comprehensive approach demonstrates Faysal Bank’s commitment to fostering agricultural growth and supporting farmers across various aspects of their operations.
The story is more than just a personal triumph; it’s a testament to the untapped potential of women in agriculture and rural development. As Pakistan and other developing nations strive for economic growth and gender equality, stories like hers serve as powerful reminders of what can be achieved when women are given the opportunity to lead and innovate.
Through her faith, courage, perseverance, and positivity, Bibi Fakhira has not only transformed her own life but has also sown the seeds of change for generations to come. Her legacy serves as an inspiration for all those working towards a more equitable and prosperous future.
The article is written by Shaha Tariq. She is an educationist, a content developer and a public speaker.