Islamic Development Bank Award for Seed Out for its Impactful achievement in Islamic Economics
Pakistan’s 1st not for profit crowd funding platform has been conferred with Islamic Development Bank Award for Impactful achievement for the First time in32 years of Islamic Economics prize history.
“This is the first time in the 32 year history of the ISDB prize, that the both winners are Islamic fin-tech start-ups. The Islamic Development Bank (ISDB) has selected two crowd fundingplatforms as winners of the ISDB Prize for Impactful Achievement in Islamic Economics for the year 2021, in recognition of their innovative and impactful roles in funding projects that advance the principles of Islamic Economics.”
The award and citation along with a cash award of $70,000 for Seed Out will be exchanged at a special ceremony during the ISDB annual meeting on 28th of August. This recognition is awarded to only 2 creative projects that are solving important development challenges in the 57 ISDB member countries across 4 continents.
In a statement on this occasion, ISDB President, Dr. Bandar Hajjar, congratulated the winners on their notable accomplishments, commended them for their contribution to the development of Islamic Economics, and wished them greater success in all their endeavors.
Seed Out was selected by the ISDB Prize Selection Committee, comprising eminent experts and scholars from within and outside the ISDB Group, through the coordination of the Islamic Development Bank Institute (ISDBI).
Mr. Zain Ashraf, Founder/President Seed Out on receiving the award said, “We are extremely proud of this highly prestigious impact award. I dedicate this one to Seed Out’s team, the people we have uplifted out of poverty and to all Pakistanis who are contributing their part for a poverty free Pakistan”. Wealso have a vision to establish Seed Out offices all across Pakistan to raise more potential micro entrepreneurs by providing them an access to asset based interest free loans.
Mr. Zain Ashraf has also been previously awarded with Common Wealth Youth Award for excellence in development work, UN Champions of Change Award and Forbes 30 under 30 recognition.
About Seed Out
Seed Out, a Non-Profit Organization, was founded by Mr. Zain Ashraf Mughal in 2013. It is not for profit crowd funding platform which is working to alleviate poverty in Pakistan by establishing micro entrepreneurs through interest free micro financing. Seed Out is helping people to start small businesses. Instead of handing over hard cash to its beneficiaries, Seed Out executes and establishes the business by providing assets along with capacity building and trainings ensuring that the money of the donor is put into the right use. Once the businesses are established, these entrepreneurs pay back the money to Seed Out on an interest free comfortable installments plan. Those installments are put back into one revolving fund and that is again 100% revolved for the potential micro entrepreneurs. To date, Seed Out has supported the establishment of 1400 micro entrepreneurs (60% males/40% females, including differently-abled people & Trans persons) across 4 districts. (Lahore, Faisalabad, Gujranwala & Bahawalnagar), while impacting 7000lives overall. Not only this, Seed Out also has enabled these families to send 4155 out-of-school children to school and also provided absolutely free of cost Tele health services to its beneficiaries.