The Securities Commission Malaysia has awarded a peer-to-peer (P2P) license to the world’s first Shari’ah compliant P2P to EthisKapital.com which will focus on funding small businesses and real estate development projects.
The team is headed by Umar Munshi, a technology entrepreneur, and is supported by former senior World Bank and Barclays executives.
Islamic crowdfunding is in its early stages but continues to grow strongly globally. It is expected to play a pivotal role, especially in bringing about greater financial inclusivity.
EthisKapital.com is a P2P platform that facilitates the circulation of wealth and helps improve communities based on economic fairness and justice.
Umar Munshi, CEO of Ethis Kapital 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.”