Globalizing Islamic Philanthropy with Fintech – II

We charge a flat upfront service fee of 5% if funds raised for curating and featuring the campaign. We may also charge additional fees for follow-up and reporting services. The crowdfunding Industry standard is 3 to 10% is, depending on the services offered.

2. There are many charity-focused crowdfunds, both in the conventional and Islamic domain. How do you see Global Sadaqah being different from others? Is it a “me-too” product?

Crowdfunding for Islamic charity is very new with only a few platforms globally. Our key differentiation is that we restrict fundraising to only charities and organisations that we onboard and partner with, as opposed to the more open approach for most platforms. This is to ensure we only feature campaigns from credible parties.

3. What role you see for Global Sadaqah and similar crowdfunds in achieving the Sustainable Development Goals?

Our focus is both humanitarian aid and sustainable development. Some crowdfunding campaigns are aligned with the SDGs, and helps by activating public funds. Equally important, the spread of well-curated campaigns also creates awareness, support and deeper understanding. Global Sadaqah’s development focus matches a number of SDGs, with an additional focus on religious education.

3. In terms of geographical strategy, do you intend to focus on specific regions, if so, what is the underlying rationale?

As our name suggests, we want to serve the world. At the initial stage, our focus is more on 2 regions: Sub-Saharan Africa and Southeast Asia. We are also focused on helping refugees and providing aid to conflict zones.

4. Do you see Global Sadaqah playing a role in humanitarian financing – in relief and rehabilitation for internally-displaced-persons? Can use of fintech, such as, blockchain technology be used for providing relief and support by providing them with digital identities? What other applications of fintech you have in mind with potential in management of Islamic charity (sadaqa, zakat, wakaf etc.)

Aid for displaced people is definitely an area of focus. Crowdfunding can provide funds as well as be expanded to crowdsource items and volunteers. Digital identities can be useful but is not the panacea as it still requires a support system or authority to process and manage the registrar. Cashless payments using cards and chips can be utilised for refugees as an effective tool for specific purchases and provisions

5. What is the nature of existing and potential partners of Global Sadaqah and what do you plan to achieve together?

We have two types of partners, Charity Partners and Corporate Partners. All our partners are aligned with our Mission to bring transparency and accountability to Islamic Charity, and this forms the basis of our common vision. Charity partners tend to also have more specific focus, and our common goal is to create a sustainable flow of charitable funds through developing long-term relationships with donors. Our corporate partners are motivated to partake in the development of our Crowdfunding ecosystem, and lead the way to a more efficient allocation of Islamic Charity.

6. Any other aspect of Global Sadaqah that you may like to highlight?

Global Sadaqah is formed to serve and support the Islamic Economy, especially to bring value to incumbent institutions and organisations. We are not competing with traditional charitable groups, rather we want to assist them to digitise their fundraising and provide a platform for direct communication with donors to report on the progress and impact of their campaigns.