Oraan is a digital platform that offers shariah-compliant savings committees specifically designed for Pakistani women, enabling them to manage their finances through structured monthly contributions. By providing a secure and transparent environment for saving, Oraan addresses the lack of financial inclusion and tailored financial services for women in the region.
Funding
$3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
WPFounders
Product
Problem
Traditional savings methods in Pakistan often lack transparency and security, particularly for women who face barriers to accessing formal financial services. Existing financial products may not align with Shariah compliance, a significant consideration for many savers in the region.
Solution
Oraan provides a digital platform that facilitates Shariah-compliant savings committees, offering a secure and transparent way for individuals, especially Pakistani women, to manage their finances. By digitizing the traditional "committee" or ROSCA (Rotating Savings and Credit Association) model, Oraan enables users to save money through structured monthly contributions within a verified community. The platform offers flexible committee plans, allowing users to choose their preferred installment amount, duration, and payout month, while ensuring secure and convenient digital transactions. Oraan aims to foster financial inclusion by providing access to financial planning tools, expert advice, and a supportive community, empowering users to achieve their savings goals.
Target Audience
Oraan primarily targets women in Pakistan seeking secure, transparent, and Shariah-compliant savings solutions, as well as individuals looking for a community-based approach to managing their finances.
Features
- Digital platform for managing and participating in Shariah-compliant savings committees (ROSCAs)
- User verification process to ensure a trusted community
- Transparent transaction tracking and recording within the app
- Flexible committee plans with customizable installment amounts, durations (5 or 10 months), and start months
- Payout flexibility, allowing users to select their preferred payout month
- Automated payment system for direct transactions from bank accounts or mobile wallets
- Robust security measures, including advanced encryption, to protect user data and transactions
- Financial planning tools and expert advice for informed decision-making
- Community features to foster a supportive environment for savers
- Oraan Score rewards program with bonuses, games, and lucky draws