Be Financially Independent
Our vision is to be a lifeline to empower and support small Malaysian social enterprises and the B40 community among others that have taken a huge hit in the Covid-19 pandemic.
What Is Qard Hasan?
“Who is he that will give Allah a goodly loan (Qard Hasan)? For Allah will increase it manifold to his credit.” [Surah al-Hadid, 11]
Qard Hasan is a loan extended on a goodwill basis, typically for social welfare or for short-term financing needs. The borrower pays back only the amount borrowed, with no interest or charges from the lender. Should a borrower encounter legitimate difficulty in making payments, the lender will extend the repayment time, or at times waive part or the whole remaining amount, depending on the situation of the borrower.
Keeping this in mind, GlobalSadaqah launched the Sustainable Charity Qard Hasan Program. This program aims to be a lifeline to empower and support small Malaysian social enterprises and the B40 community among others that have taken a huge hit in the Covid-19 pandemic.
The Covid-19 pandemic and the subsequent lockdown has hit the weaker sections of the society harder than the rest. Many of our brothers and sisters cannot even afford basic living amenities like food or being able to afford their house rents. Qard Hasan has immense potential to change our societies and empower the poor to stand on their own feet.
Qard Hasan is a much needed program that opens doors for the needy in need of assistance to be free of high-interest loans and debt with punitive terms. Most of these beneficiaries don’t have assets to be deposited as a security with banks to be able to get a loan or even make it past the risk screening. This program opens doors of empowerment and self-sustenance for the poor and needy, majority of those who fall into the Asnaf categories.
The Solution: AI Powered Social Finance
GlobalSadaqah has partnered with Alfie and EZAssist to bring forward a unique solution. Alfie builds alternative credit scoring models to serve the unbanked and underserved communities. In Malaysia, Alfie has built and now operates a digital lending app that focuses on social finance, targeting Malaysian B40 communities to provide seed funding for micro online shops. EZAssist is a platform that enables businesses to accelerate digital transformation by enabling businesses to launch their selling outlets in digital spaces, connect to different marketplaces to enable access to consumers. This collaboration gave birth to Money3 which is a digital lending app that integrates Islamic finance, AI/ML technology and e-commerce.
Targeted beneficiaries include single parents, housewives, unemployed graduates, newly unemployed, and casual workers.
1. Provide opportunities to the underserved communities to generate income.
2. Build their credit profile.
3. Upskill verified beneficiaries with e-commerce experience so they have a marketable skill set.
4. Provide business management (i.e. setting up online shop, inventory packages, campaigns and sales strategy)
5. Training and coaching for all QH beneficiaries to use the app.
6. Technology support, logistics, payment gateway etc.
Donations to the pool below will be loaned and transferred to verified and eligible beneficiaries. The loaned funds will be paid back by this first batch of beneficiaries and reused for the next batch of beneficiaries based in a set time frame.
Qard Hasan Pool
Are You Looking For Help?
If you are a single parent, unemployed, or someone in need, then you can become a part of our movement and start your journey towards financial independence.
Our mission is to:
– Help provide you with opportunities to generate income.
– Help build your credit profile to become bankable.
– Upskill you with e-commerce experience so you have a strong marketable skillset.
Get started today, by downloading the Money3 app from the button below.