GEAR Concept
The theme of the organization:
“It is an organization rooted in social conscience and actively engaged in ‘Social Business’ which is based on funds from those who can afford to those who are in need. It has an objective of empowering the needy to the extent that he or she is able to contribute in the revolving fund of GEAR.”
GEAR has been working on two financing support models since its inception. One is Interest Free Loan whereas other is the management of Zakat Fund. In both models organization is focusing to promote Individual Self-Stability and Business Sustainability. This concept is unique and soul of the GEAR Ideology.
GEAR does not operate like a bank financing and recovering micro businesses. It’s a Social Uplift program for the underprivileged people. We consult and fund and continuously monitor for possible assistance to our partners in order to make sure that the ultimate goal of facilitating them to stand on their own feet is not defeated.
GEAR Achievements and Current Funding Position
GEAR had funded 5736 families/individuals from its inception in 2009 to December 2020, with a total funding of Rs. 169 million. This covers both donation and zakat funding. This achievement is mainly through our coverage of different parts of Karachi including Orangi Town, Baldia, Korangi, Landhi, Kashmir Colony, Ibrahim Hydri, Akhtar Colony, Mahmoodabad and others. Besides Self Employment GEAR has been supporting students at Indus Nursing School, Dow Medical University, Iqra University, IBA, Memon Industrial & Technical Institute (MITI).
GEAR Social Business Model
In order to make continuous progress towards our vision and mission, we implement the following short term and long term objectives:
- Identify ‘financially challenged’ section of people in society (GEAR Partners) through referrals including friends and family circles as well as current beneficiaries.
- Develop a unique self-employment model matching the expertise and interest of each GEAR Partner.
- Fund the self-employment model of the selected partner and also help in executing.
- Monitor the results and operational mechanism of the model continuously in order to ensure that the model is generating acceptable revenue. Provide active help and support and troubleshoot wherever needed.
- Make sure that GEAR-partners are earning a Halal living and are morally conscious enough to spend their earnings on legitimate personal and family needs, so that they are growing and moving forward with confidence.
- Collecting GEAR-partners contribution of profit to GEAR pool of funds (to the extent of the initial amount funded only; no interest/profit is charged) in order to create the next round of self-employment for a new partner.
- This then enables the ‘Sadaqa-e-Jariah’ to keep moving so that everyone can benefit both here in this world and hereafter In Sha Allah.
- Provide support to GEAR-partners in case of a contingency like medical emergencies in family or accidental destruction of business setup etc.
- Provide technical and higher education for the children of GEAR partners for a longer term social and economic wellbeing of the families.