Who can start a project?
Anyone can start a project. Individuals, charities and organisations alike. However to start a project you need to have a Paypal account set up. Otherwise you would need to do it through our head office in Malaysia and we’ll carry out the fundraising on behalf of you.
Who funds you?
Waqufa is an independent organisation, trying to empower the Muslim community worldwide. Just like any other crowdfunding platform out there, both our project owners and donors are also independent.
How does pledging/contributing work?
Pledging is very similar to regular online payments, with a twist. Contributing or donating to crowdfunding projects differs from other donations in a way that a project will only be able to draw financial support from its backers if it can raise the whole amount targeted for the project. So those who back a project would only be charged if the project is successful in raising the 100% it aims to do at the end of the project duration. We use Paypal as our payment gateway, specifically designed for crowdfunding and the system of pledging. Most crowdfunding projects on our platform use this approach to funding. A few will receive the money instantly upon contribution.
How long should a project lifeline be?
Statistically, the most successful figure for crowdfunding projects is 30 days. This is from the launch of your project until the End Date when time’s up for fundraising and reaching your goal. The next figures are 35 and 40 days. This is because if you have successfully managed to created a buzz before the launch, the social effect will spread the word massively in the communities and make your project attractive to contributors. If you choose a duration beyond 40 days, you risk killing your audiences’ interest and the buzz alike. It is up to you to select the duration you prefer, you could go all the way to 90 days and beyond, however in some cases the cards used by contributors to pledge would expire by then or not enough money would be in their account. This will result in failed transactions and Waqufa will not be responsible for those.
Do you add offline payments to projects?
Yes, in many cases project owners receive funds in was other than through Waqufa towards their fundraising goals. Whether someone pays you in cash, cheque or directly to your bank account, it still counts towards your completion goal. All you need to do is to send us the receipt of the payment, along with Full Name and email address of the contributors and we will be adding the amount manually on the back end to show progress on your goal, all free of charge. If you are missing any of the detailed mentioned, you would need to pledge the amount yourself through our payment gateway. This however sometimes results in people abusing the service. In case Waqufa team finds out a parallel campaign outside Waqufa is running for the same purpose, that may result in project suspension or removal. You need to demonstrate that Waqufa is your sole source of fundraising for the specific projects you run on our platform.
What happens if time runs out on a project and it only raises some of the funds initially targeted?
Unfortunately no funds would be released by Paypal to the project owner if their project is a 100% threshold type. You would only receive your funds if you are able to raise at least 100% of funds required for your project.
What are Rewards?
For you as a project owner to have a higher chance of succeeding, you are advised to offer some rewards or perks in return to those who contribute towards your project. Upon successful completion of your project, your backers will expect some sort of rewards for their investment. You can offer a range of rewards such as Thank You Calls, Thank You Letters, Gifts, T-Shirts, Keyrings, Sample of Your Product; or you could simply mention what their money will do for the wider community as a reward, such as “Feeds two children for one year”, “Supports a family for six months”, “Provides two hours of education for ten students”.
How much money can I raise?
It is up to you to think and decide on the amount you want to raise within a certain time limit. However you need to be realistic on your target and must have a good marketing idea to convince the community to invest in you, through social media, interviews, videos and photos about your project.
How does Waqufa help me as a project owner?
Waqufa offers free one hour consultation on how to draft a successful plan for a crowdfunding project. We also have a great social media presence, a database of at least 1000 international donors from the community and an advertising agreement with Waqufa TV where we circulate the word around for you. We usually wait between 7-10 days to see if project owner is being proactive in marketing his/her project and attracting contributions and donations. In case the project owner is inactive and project is idle, we will not be proceeding with advertising for that specific project.
How can I make sure the projects I help are genuine?
While Waqufa carefully vets the projects being submitted on the platform, it is up to you to do your research and consider all aspects of your investment before pledging to projects.
Is Waqufa associated with any groups or sects as a Muslim crowdfunding platform?
Waqufa is an independent platform that provides fundraising and marketing services to the Muslim community internationally.
Is Waqufa a charity?
Waqufa is registered as an SDN BHD company in the Malaysia as it provides media, marketing and fundraising services to the projects initiated for the benefit of the Muslim community.
How much does it cost?
Waqufa’s rates are identical to other crowdfunding platforms. It’s absolutely free to start a project. Waqufa will only charge a 10% exit fee on successful projects. A small processing fee of about 3% is also deducted from each successful online payment by the credit card collector, Paypal.
Will donors get charged any fees?
No, Absolutely not. Donors will only be charged the amount they wish to donate, and in most cases this only happens if the crowdfunding campaign hits its 100% target.
Do you process offline payments?
Yes, those project owners that may receive offline payments from contributors to their bank account can notify Waqufa about them and we can reflect this on their project progression (no charges for these payments). Full name, Email Address and the receipt of the payment by contributors are needed. You would need to pledge the amount through our online payment gateway if you are missing any of those details. You must be able to show you are not running a parallel fundraising campaign for the same project. You must also show you are using Waqufa to refer people to your project for fundraising. We however understand some donors or contributors may prefer cash payments.
What is the recommended project fundraising goal?
It totally depends on your project and how confident you are in hitting your fundraising goal. We always recommend all project owners to go for the absolute minimum amount required to deliver the results they promise to their backers. Please remember that you can always reserve higher amounts within the same project (please refer to Stretch goals reward below). You could also break your project into different projects. Your first project will create a fan base for you and this allows you to communicate with them over the next project.
Do you process Gift Aid?
That’s one of the priorities we are working on at the moment. At this stage, project owners will receive contact details of those contributing to their project to process forms manually. The project owners can then notify us about the payment so we can add it to their projects manually (no charges for offline payments if you have full details of the contributors and can demonstrate you are using Waqufa as your project’s only source of fundraising, meaning no parallel campaigns to raise money for the same purpose is going on).
What is Stretch Goals?
A stretch goal is a funding target set by the project creator beyond the original project goal. Stretch goals as a term and a practice within crowdfunding community as a way for creators to “stretch” beyond the initial, official goal of the project and raise more money (and often make cooler stuff!). Funds are collected whether stretch goals are met or not, as long as the project has met its Waqufa funding goal. Each goal must have a tangible result if met (e.g. an additional $2000 to add a feature to your product or project).
If you decide to add stretch goals, think carefully about how to announce them to your community of backers. Take the time to explain your intentions, your motivations, and your plans. Any changes made midstream should be accompanied by an assurance that you are honouring your initial promises to backers. Simply proclaiming, “New goal!” without recognizing what you’ve achieved together can rub backers the wrong way.
Are there any legal documents to be filled in?
All you need to do is read our terms and conditions as well as terms and conditions of Paypal. By posting a project or contributing, you are agreeing to these terms, no additional documentations needed.
How will I have access to details of backers?
Under the user dashboard, you will have access to Projects tab whereby you could export the orders from each project in an Excel file. The name, amount, reward level and email addresses are the minimum you will be receiving from the contributors. More information will depend on users’ discretion. If you need their shipping address to send them their rewards, you will need to contact them to update their profile info and your project order sheet will automatically update.
How do I contact all my contributors at once?
We have a cool feature under every project created. If you click on Edit option for your project, you will see an Update section in the middle. Every time you write an update there, an automatic email will be send to all your backers and contributors at once, taking the hassle away for you. Each time you want to contact them regarding the project, you need to repeat the same process and save your project. An example of this process could be contacting them regarding the progress of their project, or telling them to update their shipping info for their rewards to be delivered.
Will all transactions be in dollars?
At the moment yes, you will need to advertise your project goal in dollars. We are working with our developers to allow other currencies too very soon.
Are there any currency exchange rates for contributions?
Your payments on Waqufa are handled by Paypal and other international payment handlers. Your pledge on Waqufa would be similar to your purchases internationally from places like Amazon. So the exchange rates will be standard and minimal to allow ease of purchase.
Do you have any option to enable additional amount on your site on reward checkout? Like adding addition rates for shipping?
Not at the moment. The project rewards and fundraising goals should be set in a way to cover all your financial needs required to deliver your perks and rewards to your backers. Once your project goal is met, you should be able to deliver all your rewards without having to go back to your contributors and asking them for more money.
Can I change Project End date during the project lifespan?
No. Once you set the End Date for your project, you must stick to it.
Does each individual reward need to be fulfilled for the success of project?
No, you may even have a reward level that’s never claimed by anyone and still have a successful project by hitting your fundraising goal. The most important thing is to hit your overall project goal.
How can I have a reward with infinite quantity, allowing unlimited number of pledges?
When creating a reward in your project panel, leave the quantity section empty (don’t put zero). This will allow unlimited number of pledges for that reward level.
Where is Level Long Description shown in my project? Where are the additional images attached at the time of project creation shown?
That is not displayed on your project page. It is only used at the time of exporting your orders for additional information needed by yourself. The images will also be saved in your account in case you need to use them in the body of your project. Not shown anywhere else.
Can I pay religious payments such as Zakat on the platform?
Depends from project to project. Please make sure if the project owners have the permission to receive such payments. If they have, we recommend you to pay them directly and not through Waqufa. The reason being due to processing fees Paypal and marketing services deduct from the payments. This is not permissible for such religious payments. If you do pay such payments through us, you must deduct between 6-8% from the total amount when calculating your Zakat. In these cases, you need to coordinate with project owner to fulfil this objective.
Is there a guarantee that my project on Waqufa succeeds?
While Waqufa has created a community of donors and contributors internationally who are interested in contributing to Muslim community projects, there are no guarantees that they will be donating to your project. The task to convince them that your project is worthy of their financial support is up to you. The task to make your project a success is on your shoulders. The first step is to reach out to your family, friends and social media networks to get people’s feedback and support regarding your project.