- Wahed, Bank of Palestine, and Intersect Innovation Hub establish a $5 million fund for Palestinian startups, with Wahed donating 100% of investment fees to Muslim Aid.
- Muslim Aid collaborates with Wahed to expand aid delivery in Palestine, emphasizing shared values and commitment to poverty alleviation.
- The collaboration aims to uplift Palestinian communities through strategic investments in tech startups and charitable contributions, promoting sustainable development and brighter futures.
Wahed, in collaboration with the Bank of Palestine and Intersect Innovation Hub, has established a $5 million fund. This fund is dedicated to investing in startups in Palestine with Muslim Aid as the official charity partner. The collaborative effort aims to support initiatives. These initiatives uplift Palestinians out of poverty and also empower them to build sustainable wealth for future generations.
The fund’s objective is to invest in 25-30 of the top tech startups based in Gaza and the West Bank. Wahed has committed to donating 100% of the investment fees. These fees amount to 2.5% of the total investment, and they will go to Muslim Aid’s essential projects in Palestine. It’s important to clarify that Muslim Aid is not utilizing donor funds for investment purposes. Instead, through the partnership with Wahed, the organization will receive the investment fees as charitable donations.
Yusuf Kalam, the Philanthropy & Partnerships Manager at Muslim Aid, emphasized the significance of the collaboration with Wahed. He states that by partnering with Wahed, they are expanding their capacity to deliver aid to where it is most needed through Wahed’s generous pledge towards their ongoing Palestine campaign.
Moreover, Kalam expressed satisfaction with Wahed’s Islamic values-driven approach and wholeheartedly welcomed the collaboration. He emphasized support for all initiatives aimed at alleviating poverty among Palestinians, particularly during this critical period.
This partnership demonstrates a shared commitment to utilizing resources and expertise to improve Palestinian communities. The collaboration aims to create a meaningful and lasting impact by strategically investing in innovative startups and making charitable contributions.
The involvement of the Bank of Palestine and Intersect Innovation Hub enhances the initiative’s credibility and potential for success. Together, these partners bring financial resources, knowledge, and networks to drive positive change and prosperity in Palestine.
Altogether, the collaboration between Wahed, the Bank of Palestine, Intersect Innovation Hub, and Muslim Aid is a powerful union of efforts. These efforts aim to address poverty and promote sustainable development in Palestine. The initiative focuses on tech entrepreneurship and charitable giving. It holds promise for creating transformative opportunities and building brighter futures for Palestinians.
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Last Updated on April 2, 2024 by Safiya K
