A new web portal launched in Egypt says it is the first crowd funding service in the country that obeys the principles of Islamic finance.
Crowd funding allows large numbers of investors to become shareholders in a project by contributing very small amounts of money, without going through a stock exchange.
“There are banks and financial institutions funding micro-projects and other large projects with more than a million dollars…but the projects that need between $50,000 and $300,000 do not find it,” said Shehab Marzban, one of the founders of shekra.com.
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