Islamic crowd funding portal launched in Egypt

The new web portal that launched in Egypt claims to be the first crowd funding service in the country subject to the principles of Islamic finance. The portal enables a huge number of investors to become shareholders in a project. In order to that, they will need to contribute only very small amounts of money and will not have to go through stock exchange. Co-founder of the portal Shehab Marzban explains that micro-projects and larger projects are funded by banks. However, projects worth between $50,000 and $300,000 need to find another source of funding. The portal is aimed to bridge this gap.