Introduction
Many Muslims today face significant challenges in accessing Halal financing, which often prevents them from investing, starting a business, or expanding their existing ventures. Some individuals have financially stable family members or friends who may be willing to help, but they hesitate to ask for assistance due to cultural or personal reasons.
To bridge this gap, we are planning to design a Qard Al-Hassan (Community Financial System)—a secure, Shariah-compliant platform that enables families, friends, and communities to pool their excess funds while maintaining individual control over their accounts. The system is built on the principles of Qard Al-Hassan, an interest-free loan framework that encourages mutual support without financial exploitation nor expectations of investment returns.
Our initial concept is to support small groups that want to save together for a specific project or simply create a shared emergency pot in case any group member requires financial help. Once the group is active, any member can request permission to use the available funds or even ask for a larger amount that other members may voluntarily contribute to. When the borrower is able to repay the amount, they can return it into the group pot, and the system will automatically redistribute the funds to members according to the percentage of their original contributions.
Nearly 2 billion Muslims still lack access to a widely-available, easily-accessible, and truly non-profit-oriented financial support system. Our goal is to fill that gap with a practical, scalable, and fully Shariah-compliant alternative.
Users will be able to contribute, withdraw, and track their funds with full transparency while having the flexibility to pledge funds to help others. Withdrawals will always be allowed for any portion of funds that the user has not already committed to another member.
Our system aims to be an alternative to platforms like GoFundMe, Crunchbase, Kickstarter, Indiegogo, Patreon, LendingClub, Kiva, JustGiving, SeedInvest, and others. However, unlike these platforms which are often reactive, limited in scope, and provide minimal ongoing support, our system is designed to be proactive, engaging, and community-oriented. We aim to offer a simple and easy-to-use interface that makes supporting one another straightforward and secure.
We have developed this concept because the current Halal loan options available in the market—including platforms such as Qardus, Yielders, Wahed Invest, Mudaraba, and other so-called Islamic investment options—typically require borrowers to provide returns or profits that are often unaffordable. Additionally, the platform charges on these services are frequently high, undermining the goal of community support. While these platforms may be justified in their charges as they function primarily as investment platforms, they do not cater to those seeking genuine Qard Al-Hassan (interest-free loans) or mutual financial aid.
By fostering a sense of financial solidarity within the community, this system aspires to empower individuals to achieve their goals while adhering to Islamic financial principles.
If there is enough interest from participants, we may introduce an optional feature where groups can require a guarantor or collateral for certain users or projects, ensuring added financial security. This initiative aims to create a sustainable and ethical financial ecosystem where members can support one another transparently and fairly.
We are still at a very early stage. Anyone who is able and willing to contribute in any way is welcome to drop us an email at: info@qardalhassan.com