In Gesture of Altruism IFB Launches Crowdfunding to Help Combat Virus

Iran Fara Bourse, the junior market for trading bonds and equities, has launched a altruistic crowdfunding campaign to  help fund efforts to contain the spread of COVID-19.
According to IFB’s website, the initiative was launched on Tuesday in coordination with Health Ministry with the aim to address financial concerns of medical researchers and manufacturers of medical equipment in the fight against the deadly virus.
To collect people’s funds, IFB has issued special charity securities, dubbed locally as “Nikoukari”, with a nominal price of 10,000 rials.
Buyers are required to buy at least one bond to take part in the philanthropic endeavor. The crowdfunding campaign will continue till April 19.
The initiative is open to all, including those that don’t have trading codes. Donators with trading codes can purchase the charity bonds through trading platforms of their brokerage companies.
IFB said it will soon roll out relevant payment applications and services to enable people that don’t have trading codes to take part in the humanitarian gesture.
The money will go to the Ministry of Health for research, prevention and treatment of the infectious virus. Participants will receive a certificate of commendation.
Iran confirmed 16,169 corona cases till Tuesday with the death toll nearing 1,000. Health officials said that 5,389 people had recovered and released from hospital.
Crowdfunding is the use of small amounts of capital from a large number of individuals to finance a new business venture. It provides easy accessibility of vast networks of people through social media and websites to bring investors and entrepreneurs together, with the potential to increase entrepreneurship by expanding the investor pool.
Rules for crowdfunding in Iran was first announced by Securities and Exchange Organization in August 2018.