Dubai: Saudi Arabia has launched the world’s first charity subscription campaign to raise one billion riyals to secure homes for needy families in the kingdom, local media reported.
The campaign is similar to a share subscription, with participants able to subscribe for shares amounting to 100 million shares at a value of 10 riyals each. The shares, however, are not subject to material returns, but instead offer community charitable returns by securing homes for those in need.
The Jood subscription campaign was inaugurated by King Salman and Mohammad bin Salman, Crown Prince and Prime Minister, who donated SR100 million and SR50 million respectively. The campaign was launched by the Jood Al Iskan platform and is part of the Kingdom’s efforts to provide housing for the most in needy families.
Majed Al Hogail, Minister of Municipal and Rural Affairs and Housing, announced the campaign, stating that the royal donations affirmed their support for innovative humanitarian initiatives that integrate the roles of governmental, private, and non-profit agencies.
