TLDR:
– Malaysia-based Ethis Group aims to raise $3M via HASAN Venture Capital to boost halal economy startups
– The fund will provide investment ranging from $60,000 to $250,000 for selected startups
Malaysia-based international fintech firm, Ethis Group, is planning to raise an initial closing of $3 million through HASAN Venture Capital to foster growth within the halal economy. The total target fund for HASAN Venture Capital is $10 million, and the firm’s managing director and managing partner, Umar Munshi, aim to attract both investors from their community and external investors. Each selected startup will receive an investment between $60,000 to $250,000, providing them with the financial backing needed to thrive in their sectors.
The initiative by Ethis Group highlights the growing need for investment platforms that adhere to Islamic finance principles. Similarly, biniyog.io, a Shariah-compliant investment platform in Bangladesh, has been successful in offering halal investment opportunities to businesses outside of traditional banking services. The founders, Shabab Shahriar Khan and Muhammad Saeedul Alam, have raised over Tk8 crore for approximately 1,100 investments using Musharaka and Murabaha contracts. This trend shows a shift towards more inclusive and ethically aligned investment strategies globally.
Ethis Group and HASAN Venture Capital’s commitment to investing in startups within the halal economy showcases their belief in the sector’s potential for growth and innovation. By providing financial support, they aim to unlock creativity and entrepreneurial spirit, contributing to a vibrant halal economy. This move signifies a new chapter in the development of the halal economy, bridging the gap between Islamic finance principles and entrepreneurial needs, and paving the way for a future of ethical investment, economic growth, and innovation.
