Qatar Charity CEO Mr. Yousef bin Ahmad Al-Kuwari and Silatech CEO Dr. Tarik M. Yousef signed an agreement committing the two organizations to work jointly to support young Arab entrepreneurs through Silatech’s Narwi micro-giving portal. The agreement follows the 2013 signing of a Memorandum of Understanding between Qatar Charity and Silatech to cooperate in technology, fund-raising and technical assistance.
“Narwi” (narwi.com) will be the first online micro-giving platform created by Arabs for Arabs. It will allow visitors to the site to directly and securely contribute toward financing the young Arab entrepreneur of their choice in countries including Palestine, Lebanon, Jordan, Iraq, Yemen and Somalia. Funds on Narwi are given as revolving donations, so that when the entrepreneur repays the original loan, the donation moves on to support others as well.
Headquartered in Doha, Silatech is a regional social initiative that promotes employment and entrepreneurship opportunities for young people throughout the Arab world. Qatar Charity is a leading Arab charitable organization, with a broad and diverse range of programming worldwide.
Through the agreement signed Sunday, Qatar Charity will provide USD 500,000 of direct funding for Narwi, as well as outreach assistance in marketing the portal. For its part, Silatech will offer technical assistance to Qatar Charity, enabling it to showcase selected youth development projects of Qatar Charity outside of Qatar for crowdfunding opportunities.
Estimated at 26%, the Arab world has the highest percentage of youth unemployment of any region in the world. The only option for many young adults is to start their own very small, or “micro,” enterprises. Unfortunately, funding is extremely difficult for young entrepreneurs in the Arab world to obtain. Narwi will leverage the proven power of crowdfunding to help provide this desperately needed financing.
“Through this key partnership between Silatech and Qatar Charity, we’re taking advantage of technology, innovative program design features and crowdfunding that through ‘Narwi’ shall make it easier to support young Arab entrepreneurs through Shariah-compliant lending,” stated Qatar Charity CEO Mr. Yousef bin Ahmad Al-Kuwari.
According to Silatech CEO Dr. Tarik M. Yousef, “Microenterprise funding is an approach to boosting youth enterprise that has generated impressive results for Silatech. It is testimony to the vision of Qatar Charity that they recognize both the demonstrated impact of microenterprise.”
For more info please contact:
Heba Abd Ellatif
Outreach and Communications Senior Officer
Email: [email protected]