Check out rang de. They provide a platform for individuals to become "social investors" and the money invested will be used for providing micro-credit to needy borrowers. You can also choose the kind of people you want your money to be loaned to. At the end of tenure, you get back your money with an interest of 3.5%. Agreed, its not comparable to any other investment option in terms of monetary returns. But then again, such options are investments and by no stretch of imagination can they be labeled charity.
Hope such innovative schemes work out and (quoting from their site)provide a sustainable alternative to charity for the needy.