Finocracy to provide innovative higher education financing solutions to underserved communities, through Human Capital Mudarabah linked with Artificial Intelligence.
Wedu, an award winning leadership development organisation, partners with Finocracy to launch Winnisa platform, to serve higher education financing needs of female students in Asia.
Winnisa intends to deliver income sharing agreement solutions in Bangladesh, Pakistan and Indonesia, in an initial phase over 5 years, targeting to serve thousands of students.
Dubai, 31st October 2017,
Finocracy announces the launch of Winnisa, a platform dedicated towards promoting Income Share Agreements (ISAs), and other innovative mechanisms, as solutions for higher education financing needs.
To grow Winnisa, Finocracy has teamed up with Wedu, a multi-award winning leadership development organization, with a mission to unlock the leadership potential of women in Asia. Finocracy brings its expertise in developing Islamic Finance and tech driven solutions, while Wedu will draw on its experience of developing ISAs in Asia.
Income Share Agreements, also called Human Capital Mudarabah, are an affordable and equitable means of financing higher education, with multiple benefits to students and other stakeholders.
Mohammad Raafi Hossain, founder of Finocracy said, “This will be the first ever social solution that uses Human Capital Mudarabah at scale. Since inception, Finocracy has always keenly pursued avenues that unlock human potential. Through Winnisa and working with Wedu, we seek to link opportunity with talent – starting with the three largest Muslim majority countries in the world.”
Mario Ferro, CEO of Wedu commented, “Wedu had started working with ISAs in Asia in 2014 and we are thrilled to work with Finocracy to build Winnisa as a pioneer of innovative financing for education in the Islamic world. When we started this journey, one of Wedu’s advisors told me that if we could make ISAs work, the problem of financing for education would pretty much be solved.”
Winnisa intends to deliver ISA solutions in Bangladesh, Pakistan and Indonesia, in an initial phase over 5 years, targeting to serve thousands of students. Such solutions will harness developments in Artificial Intelligence, contributing towards students’ leadership development and education financing risk management. The initial phase will include the development of a crowdfunding student finance portal, and the structuring of dedicated investment funds – to pool and efficiently manage resources from social investors and others.
Winnisa’s services will initially be provided in Bangladesh, with a launch event in Dhaka in March 2018. Building up to the launch, Finocracy and Wedu will start a pilot project on November 15th, 2017 collaborating to provide ISA solutions to select recipients.