Islamic crowdfunding group Ethis Global announced the closure of its RM6.8 million pre-Series A fundraising round from angel investors.

This ‘Super Angel’ round was joined by notable investors including corporate leader Tan Sri Wan Zulkiflee, and Daud Vicary Abdullah, a renowned figure and thought-leader in Islamic finance and banking, both from Malaysia, as well as Dubai-based Khurram Hilal, CEO of global Islamic banking at an international Bank.

This funding round comes on the heels of Ethis’ recent appointment of Amran Bin Mohd as the Chairman of the newly established Ethis Investment Management.

Ethis said that the funds will be used to scale up operations in existing markets, acquire licenses and set up in new jurisdictions, as well as develop new technology.

The company targets to raise US$10 million at a full Group Series A round from institutional and strategic corporate investors.

Founded in 2014 as a private investment club in Singapore, Ethis is a Malaysia-headquartered Islamic fintech company focused on sustainable and impactful crowd-investments, financing and donations.

It is operating regulated platforms in Malaysia and Indonesia and has also secured regulatory approvals in Dubai and Qatar.

In 2022, Ethis intends to expand its offerings in Indonesia and Malaysia to include agriculture and Waqf issuers and projects.

Datuk Mohd Radzif Mohd Yunus, Chairman of Advisors, Ethis Group said,

“Our global ambition and focus on impact has attracted new shareholders who bring tremendous experience and relationships to our group. This we believe will propel growth for years to come.”

Umar Munshi, Founder of Ethis Group said,

“This synergy, we believe, will be the key to our growth and success. Ethis is on track to prove the commercial viability of our high-impact fintech model based on Islamic finance principles.”