9 months

Min. Investment

৳ 10,000

Projected ROI

16% Annualised

Risk Grade



Meraki is a footwear manufacturing company in Bangladesh serving retail customers. The business mainly manufactures and sells fashionable women’s footwear. The business is seeking funds to purchase bulk raw goods to serve more orders smoothly.

This is a “buy-and-sell” (Murabahah) contract where investors can enjoy an ROI of 12.00%* over 9 months (annualized expected return of 16.00%).

*subject to investment risk (details below)

Dhanmondi, Dhaka., Bangladesh


৳ 1,402,743 Raised
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Goal: ৳ 1,000,000
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By Jannat
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The Business

Accordion Content

Written by Meraki

Meraki is a female fashion footwear brand proudly made in Bangladesh, especially popular among young people for its exclusive collections. 

Although Meraki was first started as a footwear manufacturing company that supplied footwear to different brands, we gradually established its online presence as a retail female footwear shop from February 2021. At March 2023, we launched our first showroom at Plaza AR, Dhanmondi 14 (new), Dhaka. 

At this moment, we have around 330+ SKUs at Meraki, serving females all over the country. We have strong loyal customer base in Dhaka, Chittagong, Sylhet and many other cities, as we provide custom-size shoes for our clients, according to their specific needs. Now that we are planning to open another outlet outside Dhaka, we are seeking funds to purchase raw materials and ensure proper supply of our product lines.

Outlet Address: Shop-309, Plaza A.R, Dhanmondi-14, Dhaka.

Explore: LinkedIn | Website 


💡 Is the business Shariah-compliant?

  • The business model (selling shoes) is Shariah-compliant.
  • However, according to our Shariah Advisors, biniyog.io and the investors will NOT be liable if the day-to-day operations of the business are not fully Shariah-compliant.
  • This is because investors will be going into a Murabaha (sale contract), not profit-sharing or partnership. Please find contract details in the “Contract” section below.

💡 Is there any investment risk involved?

Investments have risks by definition, especially if they are halal. Please find possible risk details for this campaign in the “Risk” section below.

Written by Meraki

I am Rifat Arman, the owner of Meraki. After completing my graduation from the department of CSE, University of Dhaka, I started this business on March 2020. Before that, I have founded Naagorik, a very popular company that sells customized merchandise to different universities and corporate organisations.

I am working full time as the head of operations and management of Meraki at this moment.

I am moving forward with a vision to reach every doorstep with Meraki, serving people from every district and create employment opportunities & better living standard for people working with the brand. I believe, with an increased investment in production and marketing, Meraki can reach every nook and corner of the country.

Explore: LinkedIn 

  • Serving a large customer base through online and offline segments.
  • Large production capacity in their factory with a good market demand.  
  • Strong online presence.
  • All cash transactions.

The Contract

Accordion Content

The investment is for a period of 9 months, from mid of January 2024 to mid of October 2024.

Projected ROI: 12% 

Projected ROI (annualized): 16% Annualized

Example: If someone invests BDT 100k in the project, he/she can expect to receive a total of BDT 112k by October ‘24.

biniyog.io will be charging investors an 11.11% fee on their profits. Example: If an investor invests BDT 100k and makes a profit of 13.5k in 9 months, biniyog.io will charge 1.5k as a service fee. This means investors will be keeping 88.89% of the profits generated. The net ROI for the investors will be 12% for 9 months (16% annualized) after deducting biniyog.io’s fee.

  • Investors will go into a Murabahah agreement (sale contract) with Meraki for purchasing raw materials (leather, paint, accessories etc).
  • It will be a “buy-and-sell” process where investors will first buy the products through biniyog.io. Meraki will then buy those items from investors on credit and pay the amount after 9 months.
  • biniyog.io will act as an agent for the investors and buy the products, take necessary ownership and risk of asset possession on their behalf, and then sell to Meraki.
  • biniyog.io has proposed a price to Meraki for the products after considering a minimum 13.5% profit on the actual cost of product procurement. Meraki has agreed to it. Investors will be getting a net of 12% profit after deducting biniyog.io’s service charge on investor profit.
  • Investors can expect to get their returns over 9 months.

Shariah Compliance

Accordion Content

Investors appoint biniyog.io as an agent to deal on their behalf (Wakalah) and invest in the business through the buying and sale of assets under a “buy-and-sell” (Murabahah) agreement. 

biniyog.io‘s Shariah advisors have approved the basis and application of this Murabahah contract.

Potential Risks

Accordion Content
  • High OPEX in running the offline store: The business has a retail store at Plaza A.R, Dhanmondi-14. The outlet usually does not generate heavy sales except for peak seasons such as Eid-ul-Fitr, puja season, wedding season, Eid-ul-Adha, etc. Not having a consistent flow of sales might become a concerning point for the business and it can also lead to significant drop in overall profit margin as the OPEX for the physical outlet is almost fixed.

    • Meraki’s strategy: The business generates sales through both online and offline channels. The business generates a good amount of sales during the peak seasons through its physical outlet that helps to operate during the dry season. Moreover, having the online sales channel helps the business to keep a steady amount of sales throughout every month.

  • Supply Chain Disruptions: Dependence on a limited number of suppliers might disrupt the supply chain, which in turn may affect production. Besides that, volatility in the prices of raw materials may impact profit margins.

    • Meraki’s Strategy: The business is collecting the raw materials from multiple suppliers of the wholesale market. They have a good connection with the supply chain. As the business is selling premium products, a rise in the raw materials will allow the business to increase the price of final products. This will mitigate such issues to a tolerable point.

  • Market Competition: There are many competitors in the footwear industry of BD. Intense competition may lead to price wars, which in turn may reduce profit margins of the business.
    • Meraki’s Strategy: Meraki is working hard to provide demanding products in the market with innovative designs. Besides that, it has a strong presence in both online and offline sectors with a good amount of followers, making it quite trendy and popular in the market. 
  • Economic Downturns: Economic recessions in our country can impact consumer spending on non-essential items, affecting demand for fashion-oriented footwears.
    • Meraki’s Strategy: Meraki usually targets customers belonging in the upper-medium class to upper class people. This gives the business edge over the pricing control resulting in a stable sales and keeping a good margin.  

biniyog.io has done in-house analyses of the projected returns of the business and they are expected to be able to repay on time considering their cash flow.

biniyog.io will buy the products on behalf of investors first and secure ownership. Meraki would have the right to reject the products due to quality etc. The risk is expected to be minimal since Meraki will choose the items before biniyog.io buys them.

This is a necessary risk to ensure Shariah compliance of the transaction.

Meraki will share a personal guarantee security cheque and installment cheques with biniyog.io. Moreover, a guarantor will be introduced in the contract to add an extra layer of security for the investors.


This investment opportunity is based on a first come first serve basis. Your investment is secured only after your transfer-proof has been received. If the investment quota is already filled, your transferred amount shall be returned.

Return of your capital is NOT guaranteed. Investment, by default, requires a risk appetite. Past performance is not a guaranteed indicator of future outcomes.

biniyog.io only acts as a consultant to the investor and the business, and does NOT manage funds for any party.

biniyog.io does risk assessment to a certain extent, but will NOT be liable if the business does not perform as per expectation.

For any questions, please use the chat icon on the right or leave a message.

  • 28-12-2023

    This campaign is now live on biniyog.io!

    The funding campaign has started. The target is BDT 10 lacs.