Global Sadaqah, the award-wining Islamic FinTech startup based in Malaysia, recently raised around $111,317 (MYR450,000) through the issuance of shares through the fully regulated Shariah-compliant public crowdfunding platform, Ethis Malaysia.
The 72-hour flash-fundraising campaign surpassed the minimum target of around $49,475 (MYR200,000), attracting investors from 10 countries including strategic angel investors.
A number of the angel investors include notable managers of large investment firms, namely Singapore-based Azmi Muslimin, GCC-based Khaled Fouad and Awaiz Patni.
A statement shared by Islamic FinTech venture builder Ethis Ventures with TechNode Global highlighted the impact of such crowdfunding platforms on its target market. “Global Sadaqah’s crowdfunding platform is open to the public and is fast gaining popularity, having grown by more than double every year for the past two years, with Malaysia and Singapore currently the top two donor-countries. Its platform facilitates donations through 11 channels including e-wallet providers in Malaysia, Bitcoin, and digital gold.”
“It features a variety of campaigns from its screened and verified Charity Partners. Current open campaigns include urgent aid for natural disasters in Malaysia and Indonesia and Covid-19 related relief efforts,” the statement added.
Azmi Muslimin said, “Global Sadaqah is tackling head-on the challenges in the niche and sizeable Islamic social finance space. I am excited at the opportunities to grow, and more so on the impact we seek to create in this difficult time for humanity.”
Khaled Fouad added: “I felt compelled to invest in an impact-focused technology company like Global Sadaqah. We have big ambitions to make a difference and create an enduring ripple effect for good.”
Awaiz Patni, who is the CFO of a large business group, highlighted the transparency and accountability espoused by the platform. “There are so many causes and campaigns raising funds online and it can be difficult to know which are legitimate. We need to give responsibly especially when the need is so high today. Global Sadaqah checks all the boxes – leveraging technology to minimise cost and maximise reach, working with reputable organisations and offering a platform to Muslims globally to give to causes close to their heart.”
Global Sadaqah was also awarded the Best Social Impact Islamic Fintech Firm in 2018 from Islamic Finance News (IFN) and compliance with the Shariah screen methodology set by the Shariah Advisory Council (SAC) of the Securities Commission Malaysia.
Muhammad Alim, co-founder and Chief Product Officer for Global Sadaqah, said: “The global charity system faces an increasing pressure to be transparent in its operations. In light of this, Global Sadaqah aims to provide high-tech solutions for corporate financial institutions, charitable organizations and other government entities involved and to be the nucleus of the Islamic social finance ecosystem. We have a successful proof of concept with leading financial institutions in Malaysia.”
Ifran Tarmizi, Global Manager of Sadaqah for Malaysia, said that the investment received will be used to expand the services offered in Malaysia, as well as increase their influence in key markets and adapt to new technologies. “It is more important now than ever to enhance the distribution, impact and especially the sustainability of large donors and corporate zakat. We seek to provide a one-stop service for Muslim-owned companies and business owners to distribute their social funds.”