Islamic crowd funding portal launched in Egypt

A new internet portal, which was recently launched in Egypt, is said to be the first crowd funding service in the country compliant with the principles of Islamic finance. Through cloud funding, numerous investors will be able to participate as shareholders in a project by contributing very small amounts of money. Going through a stock exchange will not be necessary. According to Shehab Marzban, co-founder of shekra.com, the portal is aimed at smaller projects needing between $50,000 and $300,000 and for which there are no banks taking care of funding. The idea of the website is to bridge this gap and to gather creative people an investors in order to fund ideas and projects.

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