Securities Commission Malaysia has awarded 6 P2P licenses, one of which is the world’s first license for Shari’ah-compliant P2P. This license was awarded to EthisKapital.com, which will be focused on funding small businesses, and real estate development projects.
The team is spearheaded by Umar Munshi, a technology entrepreneur, supported by former senior World Bank and Barclays Bank executives.
Islamic Crowdfunding has been a hot topic in the Islamic Finance world – a recent point of focus among industry leaders and academics over the past year. Crowdfunding is estimated to reach a funding volume of USD100billion this year, and is very quickly becoming a global force for change.
However, Islamic Crowdfunding is in its early days. Islamic Finance continues to grow strongly globally, and Islamic Crowdfunding is expected to play a pivotal role, especially in bringing about greater financial inclusivity.
EthisKapital.com is an innovative P2P platform to facilitate the circulation of wealth and uplift communities based on economic fairness and justice. It provides crowd-sourced Islamic finance solutions to Malaysian businesses, bringing Malaysia to the forefront of the sharing economy.
EthisKapital.com cultivates direct connections between investors and businesses across the region, in doing so supporting a vibrant ASEAN Economic Community (AEC).
Building on Malaysia’s strength as a global Islamic Finance hub, Ethis aim to lead the growth of Islamic Crowdfunding by focusing on the fundamentals – to provide high quality projects that are both commercially viable and enhance social development for our crowd of Ethical and Islamic investors.
Umar Munshi, the CEO of Ethis Kapital Sdn Bhd said, “We believe that there is a huge need for Islamic Crowdfunding in Malaysia and the region. With greater awareness, we are confident that Islamic Crowdfunding will grow rapidly, and impact all levels of society.”
Munshi was recently featured in the second edition of the Islamica500 list of Islamic Economy movers in Dubai next week. He is also the Chairman of the newly-formed Islamic Fintech Alliance.
Chairman of Ethis Kapital, Dr Shahridan Faiez, said, “Malaysia is well-placed to lead Islamic Crowdfunding globally. We have a twin focus to support and develop the Islamic Sharing Economy in Malaysia, and also grow Ethis Kapital into a serious global player.”
This article was first published on fintechnews.sg
