02/03/2024 02:44 PM

SINGAPORE, March 2 (Bernama) -- Ethis Group, a Malaysia-based international fintech firm for Islamic finance, aims to raise an initial closing of US$3 million (RM14.2 million) this year through HASAN Venture Capital to propel startups in the halal economy.

Ethis Group managing director and HASAN Venture Capital managing partner Umar Munshi said HASAN, with a target fund of US$10 million, will use the fund generated from its investor community and external investors to invest in startups in sectors ranging from technology to lifestyle, with funding of US$60,000 to US$250,000 each.

“The most basic criterion is it's a halal startup. We are looking at anything that can create a social effect or social good, specifically in areas of interest such as fintech, food technology, and commerce.

“We do not limit ourselves but those sectors have more need in halal solutions,” he told Bernama at the soft launch of the HASAN Singapore sector, here on Friday. 

The soft launch for Malaysia's sector was held last month in Kuala Lumpur.

HASAN emerged from the Ethis “angel syndicate” network. It will be officially launched within the next two months.

Umar said HASAN is also offering a private investment opportunity to its investor community members involving 40 next-generation halal startups, mainly in Southeast Asia and Saudi Arabia, with a starting investment of US$10,000. 

Meanwhile, Umar said the HASAN accelerator programme offers an eight-week online programme for the next two years, US$60,000 seed-funding, mentorship, opportunities to tap into Ethis angel investor network that consists of 300 limited partners as well as a database of over 60 million Muslims through its partner. 

“This integrated model (HASAN) addresses a key challenge faced by Muslim-owned startups, the need for a comprehensive ecosystem within the halal economy that simultaneously provides capital and strategic guidance,” he said.


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