In 2018, Bank Islam launched a social finance initiative called as Sadaqa House, a hybrid between technology and Shariah solutions. It is a charity crowdfunding platform which acts as a meeting point between donors and change-makers as well as beneficiaries over sighted by Bank Islam. With Sadaqa House, we create a new narrative where participatory funding platform is teaming up with traditional banking to create combined offers for social impacts.
And because Sadaqa House has a bank behind it, thus, all corporate governance practice of the Bank is adopted within its internal process. This is crucial because the Bank performs due diligence on behalf of donors towards the change-makers and beneficiaries of the fund who are of diverse backgrounds, races and religions. We understand the transparency and social impacts are key concerns to any donors, hence, the system within Sadaqa House allows contributors to track the progress of the chosen project.
We welcome generous individuals and institutions to choose Sadaqa House to manage your philanthropic fund and let us professionally manage your fund for charitable causes through three selections of funds:
- Perpetual Fund: where the principal will remain in perpetuity and invested, only the returns generated will be distributed to charitable causes;
- Direct Fund: where donors can choose to donate directly to charitable projects under Sadaqa House; and
- General Fund: where donors do not specify any specific charitable projects and it is the discretional of Bank Islam’s Zakat & Charity Committee to decide the distribution according to available and suitable charitable projects.