Finocracy has partnered with leadership development organization Wedu Global to introduce a Shariah compliant education financing platform for underserved young women in Asia, starting with Bangladesh.
Known as Winnisa, the initial phase of the platform rollout will include the development of a crowdfunding student finance portal and the structuring of dedicated investment funds with the objective of pooling and efficiently managing resources from social investors and others.
“Wedu had started working with income share agreements (ISAs) in Asia in 2014 and we are thrilled to work with Finocracy to build Winnisa as a pioneer of innovating financing for education in the Islamic world,” shared Mario Ferro, CEO of Wedu.
According to Mohammad Raafi Hossain, the founder of Finocracy, ISAs are also known as human capital Mudarabah and Winnisa would be the first ever social solution that uses human capital Mudarabah at scale.
“I’ve been fortunate enough to be a part of many great projects, but this one, particularly, is very close to my heart. Winnisa is at the heart of the vision we had when founding Finocracy and I’m super excited to launch the first cohort of future young women leaders within the next couple of weeks,” Raafi expressed during the launch of the platform.
The pilot project began on the 15th November.
Apart from extending financing to deserving students, Winnisa will also connect these talents with leadership opportunities through Wedu and leveraging on artificial intelligence (AI). Using Bangladesh as a launchpad (to launch in Dhaka in March 2018), the platform will subsequently begin offering its services in Pakistan and Indonesia over the next five years.