LaunchGood wins $100,000 EFICA 2016
Leading Islamic crowdfunding site LaunchGood has won the 2016 Ethical Finance Innovation Challenge and Awards (EFICA) organized by Thomson Reuters and Abu Dhabi Islamic Bank.
The U.S.-based site beat Singapore-headquartered EthisCrowd and Islamic Finance Institute of Southern Africa's microfinance initiative in Indonesia for the $100,000 prize.
The three finalists were selected by an Advisory Panel of Islamic finance experts, out of more than 100 applicants from more than 50 countries.
The winner was selected by audience vote at the EFICA Gala Dinner held this evening in Dubai. LaunchGood won just under 50 percent of all votes.
This is the fourth consecutive EFICA awarded for innovative solutions that promote ethical practice in the financial services industry.
Dr Zeti Akhtar Aziz, former governor of Bank Negara Malaysia, was awarded the EFICA Lifetime Achievement Award for her contributions to ethical practices in the financial services sector.
About the three EFICA 2016 finalists:
Founded in 2013, U.S.-headquartered LaunchGood is the world’s leading Islamic crowdfunding site to support Muslim-led campaigns. It has raised close to $12 million for more than 1,200 campaigns across more than 70 countries. It is co-founded by Chris Abdur-Rahman Blauvelt, Amany Killawi, and Omar E. Hamid.
Launched in December 2014, Islamic real estate crowdfunding platform EthisCrowd has raised 4 million Singapore dollars ($2.9 million) towards the funding of 5,000 affordable homes primarily in Indonesia and also in Malaysia. It has 17,000 registered members, out of which 380 are investors, co-founder Erly Witoyo told Salaam Gateway. Its other co-founder is Umar Munshi.
Islamic Finance Institute of Southern Africa’s initiative involves a cooperative model, based on mudarabah at the operational end and a potential fintech solution at the investment end. The initiative involves local villagers in the cooperative’s livestock, rice plantations and other projects, empowering them with modern skills and providing incentives for delivering good products. On the ground, they share in the profits, without the debt.
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