Selangor-based Islamic fintech venture builder Ethis Ventures on Saturday launched the first version of Islamic charity crowdfunding platform GlobalSadaqah.
Launched in partnership with charities such as Mercy Malaysia, Islamic Relief Malaysia and the National Heart Institute (IJN) Foundation, GlobalSadaqah is a crowdfunding platform that aims to connect Muslim donors with social projects in Southeast Asia, Middle East, and even Sub-Saharan Africa.
It also named Islamic Development Bank Group (IsDB) and Bank Islam Malaysia Berhad as partners.
Together with its launch, the platform also announced that it has received donations in the form of crypto-tokens from blockchain startup Halal Chain, which has donated 100,000 HLCs.
Examples of successful pilot projects in the GlobalSadaqah platform include a project with Bank Islam to finance their social finance programme Sadaqa House and three campaigns to fund heart surgeries for children through the National Heart Institute (IJN) Foundation.
The platform is now running campaign with IsDB to raise US$1 million to provide additional funds for the institution’s programmes to fight blindness in Africa and to support small farmers in Suriname.
Ethis Ventures was established in 2017 by the founders of EthisCrowd, a Singapore-based real estate Islamic crowdfunding platform.
The firm implements a venture builder model; it explained its business model as having their internal team create new solutions and focus on new traction before spinning off successful ventures as new startups within the group.
“We decided that the best way to start on our path to venture building is to focus on attracting Islamic economy institutions and stakeholders to collaborate with us and circulate good together. Within a few months of setting up, we started testing Global Sadaqah, then started pitching to strategic partners and managed to get a number of them on board,” said Ethis Ventures co-founder Umar Munshi.
Ethis Ventures is headquartered in Malaysia and is run by a team of 20.
In a press statement, the firm said that it is looking into integrating blockchain smart contracts into their platform, and plans to roll out the second version of GlobalSadaqah in late 2018.
Image Credit: Ethis Ventures