ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

The First Islamic Crowdfunding Site

Updated on February 4, 2016

The 1st Islamic Crowdfunding Website

Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people. Although these sites raise money over the internet using their websites and social media pages these days. Funds can also be sent through mail-orders and benefit events.

The concept was born as a result of the need to find an alternative to the traditional lending and financial systems.

The major contributors to the crowd funding ecosystem are the project initiators, the individuals or the crowd, and the platform that merges the efforts together.

Typically, the project initiators put forward an idea, detailing what they intend to achieve and find a suitable site where they feel the most traffic can be generated in order to see funds come in. The “crowd” then takes up the projects and selects the ones that appeal to them the most. Apart from contributing directly, the crowd also kicks up interest in other people to rally behind their selected projects, and the sites continue to serve as the engines and backbones of these projects.

As of 2012, there were over 450 crowdfunding sites in the world. Examples of some of these sites are: Crowdcube, Seedrs , Kickstarter, Indiegogo and Seed Out.

Seed Out is the first Islamic crowdfunding site. It is a nonprofit and free online fundraising site aimed at alleviating poverty in Pakistan. This is achieved by mobilizing the resources needed but lacked by small business owners and students, by appealing to the rest of the world via the worldwide web.

Although it has a high entrepreneurial labor force, the majorities of Pakistani citizens do not have access to loans, and as a result, many of them are forced to engage in menial labor without the hope of ever being successful business owners. This touched the heart of the site's founder, Zain Ashraf, and seeing that all the citizens of Pakistan needed was to be heard by the rest of the world, he developed the website to help bridge the gap between those who need the funds, and those who have them.

Utilizing its crowdfunding platform, this site is focused at raising micro-entrepreneurs in society in order to empower them with the right sort of funding and assistance that they cannot receive from the government. They believe firmly that just handing out relief, aid and charity, will not be sustainable in the long-term and will not affect meaningful change. However, if they follow the old adage of teaching a man to fish instead of just merely giving him a fish, and if they provide the means required to make Pakistani citizens more self-sufficient, they will be addressing the issue properly, and will be on their way to achieving poverty alleviation in the country of Pakistan.

So far, Seed Out has seen the dreams of numerous Pakistani citizens come true by helping them receive the funds they needed to kick off or expand their businesses. The lives of these small business owners and micro-entrepreneurs have changed for the better. Poverty has not been totally alleviated from Pakistan, but positive strides are being made in that direction. Hopefully, in time, with the help of the rest of the world, Pakistan, and other poor countries, will one day be able to kick poverty out of their midst.

Islamic Crowdfunding Site Poll

Have you ever donated money to an Islamic crowdfunding wesbsite?

See results

Seed Out: The First Islamic Crowdfunding Site

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)