Saudi Arabia’s home equity crowdfunding platform Jood Eskan has launched a unique charity campaign to raise SAR1 billion (US$266 million) during the holy month of Ramadan.
Jood Eskan’s charity campaign, titled Ever-Green Stock, is an IPO simulation targeting Saudi Arabia’s most prominent companies, institutions and individuals.
Inspired by the financial stock markets, the creative fundraising campaign recreates the IPO model by “selling shares” through goodwill and charitable contributions to encourage community members and private sector actors to “invest” publicly.
The Ever-Green Stock campaign is offering 100 million shares at 10 SAR per share and aims to raise awareness of the importance of investing in community-level social initiatives.
The sum of SR1 billion raised this month will help around 3,500 families in need.
According to Ammar al-Wahaibi, a managing director of Jood Eskan, the idea for the campaign came about as an extension of a range of initiatives and solutions aimed at supporting families in dire need of housing in the kingdom.
The Jood Eskan digital platform was launched in 2019 by the National Developmental Housing Foundation (Sakan), a non-profit arm of the Department of Community, Rural Affairs and Housing.
The platform raises funds and provides services and financial contributions to eligible and registered families, including rental and home ownership.
Since its inception, the platform has introduced innovative solutions to promote housing solidarity in Saudi Arabia, al-Wahaibi affirmed.
It does this by developing solutions and initiatives to encourage non-profit housing donations for families in need, he explained, adding that this approach promotes integration between the public, private and non-profit sectors.
The Executive Director hailed the turnout the campaign had seen since its launch and stated that it had exceeded expectations.
Al-Wahaibi also thanked the Guardian of the Two Holy Mosques, King Salman, and Crown Prince Mohammed bin Salman for opening the campaign on the first day of Ramadan with two generous donations of SAR 150 million.
These initial contributions, made through the Jood Eskan platform, reaffirm leadership’s commitment to support all efforts and initiatives that provide housing to families in need.
Comments are closed.