Malaysia’s EthisKapital Claims “World’s First” Licensed Islamic P2P/Crowdfunding Platform
The Securities Commission Malaysia awarded six peer to peer licenses, one of which is the world’s first license for Shari’ah-compliant P2P finance. EthisKapital will be focused on funding small businesses and real estate development projects. The team is spearheaded by UmarMunshi, who is also the Chairman of the newly-formed Islamic Fintech Alliance, and supported by former senior World Bank and Barclays Bank executives.
Islamic Crowdfunding has been a hot topic in the Islamic Finance world. EthisKapital points to the fact that crowdfunding is predicted to grow rapidly and is very quickly becoming a global force for change. However, Islamic Crowdfunding is in its early days. Islamic Crowdfunding is expected to play a pivotal role, especially in bringing about greater financial inclusivity.