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Islamic Development Bank Award for Seed Out for its Impactful achievement in Islamic Economics

Seed Out, Pakistan’s 1st not for profit crowdfunding platform has been conferred with Islamic Development Bank Award for Impactful achievement for the first time in 32 years of Islamic Economics prize history.

“This is the first time in the 32 year history of the ISDB prize, that both winners are Islamic fin-tech start-ups.  The Islamic Development Bank (ISDB) has selected two crowdfunding platforms as winners of the ISDB Prize for Impactful Achievement in Islamic Economics for the year 2021, in recognition of their innovative and impactful roles in funding projects that advance the principles of Islamic Economics.”


The award and citation along with a cash award of $70,000 for Seed Out will be exchanged at a special ceremony during the ISDB annual meeting on the 28th of August. This recognition is awarded to only 2 creative projects that are solving important development challenges in the 57 ISDB member countries across 4 continents.

In a statement on this occasion, ISDB President, Dr. Bandar Hajjar, congratulated the winners on their notable accomplishments, commended them for their contribution to the development of Islamic Economics, and wished them greater success in all their endeavors.

Seed Out was selected by the ISDB Prize Selection Committee, comprising eminent experts and scholars from within and outside the ISDB Group, through the coordination of the Islamic Development Bank Institute (ISDBI).

Mr. Zain Ashraf, Founder/President Seed Out on receiving the award said, “We are extremely proud of this highly prestigious impact award. I dedicate this one to Seed Out’s team, the people we have uplifted out of poverty, and to all Pakistanis who are contributing their part for a poverty-free Pakistan”. We also have the vision to establish Seed Out offices all across Pakistan to raise more potential micro-entrepreneurs by providing them access to asset-based interest-free loans.

Mr. Zain Ashraf has also been previously awarded Commonwealth Youth Award for excellence in development work, UN Champions of Change Award, and Forbes 30 under 30 recognition.




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