Ethis Global, the company that operates sharia-based crowdfunding platforms in Indonesia and Malaysia and social finance platform GlobalSadaqah, today announced the closure of its MYR6.8 million (US$1.7 million) Pre-Series A funding round from angel investors in the Islamic finance and fund management communities.

Notable names in this list included Malaysia-based Tan Sri Wan Zulkiflee (Chairman of Malaysia Airline, former president and CEO of Petronas) and Daud Vicary Abdullah (Trustee at RFI Foundation) as well as Dubai-based Khurram Hilal (Islamic banking lead at Standard Chartered).

In a press statement, Ethis Global said that the funds will be used to scale up operations in existing markets, acquire licenses and set up operations in new jurisdictions, and develop new technology.

For example, it plans to expand its offerings in Indonesia and Malaysia to include agriculture and Waqf issuers and projects in 2022.

Ethis Global also announced that these efforts will be part of its planned milestones leading up to their Series A funding round. It targets to raise US$10 million from institutional and strategic corporate investors.

Ethis Group Founder Uman Munshi named the partnership as “key to the company’s growth and success.”

Also Read: How Islamic finance can work with fintech to promote financial inclusion in Malaysia

“Ethis is on track to prove the commercial viability of our high-impact fintech model based on Islamic finance principles,” he said.

Headquartered in Malaysia, Ethis Global started out in 2014 as a private investment club in Singapore.

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

Ethis Indonesia has been operating since 2015, matching retail investors from more than 50 countries into impact-investment campaigns, initially focused on property development for social housing and more recently introducing SME supply-chain projects.

This Pre-Series A funding round followed the recent appointment of Amran Bin Mohd as the Chairman of the newly established Ethis Investment Management.

Image Credit: tirachard

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