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Posted On:
December 21, 2012
Posted By:
United Kingdom




When practicing Muslims have ideas for starting their own projects and business there are a number of issues and obstacles that become apparent.


Where could you go to get the funding to finance your ideas that didn’t involve interest bearing bank loans, repaying interest, or getting into debt?


How could keep 100% hold of the ownership of your ideas and not give away any equity?


On top of that even if you could get the funding you wanted, in the way you wanted it and without giving way any equity, would your projects even work?  What if other people thought the ideas were stinkers, how could you minimise any risk of failure?


That’s where crowdfunding comes in.   Crowdfunding is sourcing small amounts of cash from a large group of people.   This simple model is a perfect fit for a Muslim. 


Halalfunder, a global crowd funding portal directed at but not exclusive to supporting Muslim friendly projects and ideas.  With its goal being to help support and promote start ups, creativity and innovation within the Halal market space.


Crowdfunding is a way to raise funding through a system of pre-ordering from the consumer and so it didn’t involve loans, interest, debt or banks.  You kept full ownership over your business and it was a great way of testing whether people liked your idea.  People who fund a project get a reward (usually a discounted and early version of the product or service) in return.


Halalfunder aims to address the lack of availability of halal products and services, particularly in the Western world.  For most Muslim consumers, halal is a basic product requirement and is not only confined to foodstuffs as is commonly misunderstood by outsiders, but applies to everything.


With over 1.8 billion Muslims across the world, the "halal" market alone is potentially worth an estimated US$2.1 trillion a year and as Muslims are predicated to account for 30% of the world’s population by 2025 the market could potentially grow at US$500 billion annually. Yet remarkably surveys have revealed that the majority of Muslims, feel ignored by mainstream brands.


The Muslim world had been suffering from a serious shortage of producing its own creative project for the last 200 years.  Yet the Islamic world had a proud history in pioneering some of the greatest advancements ever seen.  But it was a world that had been thrown off course by colonialism, dictators, and lazy thinking with the net effect resulting in the disappearance of any type of creativity.  Only the recent events of the uprisings across the Arab world seemed to bring hope of emerging out of these shadows and the spark of creativity reigniting.


Halalfunder believes that supporting people to start new projects is an example to be found in the Prophet Muhammad (peace be upon him) himself.  He would actively help people to find other ways to support themselves rather than to ask for charity. The Prophet was keen on teaching the importance of working to fulfill one's own needs and so avoid the disgrace of asking and begging.


It has been narrated that a man came to ask the Prophet (peace be upon him) for charity. The Prophet asked him what he had at home, and the man replied that he had some fabric that they use to wear sometimes and at other times used to sit on. The Prophet instructed him to bring it over. Then he asked if any of his companions would like to purchase the fabric. A man offered to buy it for one Dirham. The Prophet asked for a higher price, until a man offered two Dirhams for it. The Prophet took the money and gave it to the poor man. The Prophet told him to buy food for his family with one Dirham and to use the other to buy an axe-head and bring it back to him. The Prophet then tied a handle to the axe-head and asked the man to use it in cutting wood, and then o sell it. So the man went to cut wood and began to sell it. He collected ten Dirham’s that he used for food and clothes. The Prophet said to the man “This is better than asking for charity which you will be asked about on the Day of Judgment. 


So the idea of Halalfunder was born.  It was launched on the 1st of Dhul Hijjah/17 October 2012 and now welcomes any projects or ideas from anyone that are inclusive and Muslim friendly.  It doesn’t have to be ideas and projects that are specifically aimed only at Muslims as long as it’s Muslim friendly.  It is open to all ventures, big or small, in a wide variety of areas: small business, creating software, photography, social enterprise, new technologies, gaming, fashion, festivals, music, journalism, gastronomy, animation, publishing, film...


Since its recent launch the reaction has been very positive.  Upto 220,000 people view the Facebook page in a week and many are registering on the portal.  Halalfunder believes that once Muslims become familiar with concept of crowdfunding, the portal will see a steady increase in the number of projects that are created and funded.









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