5 October 2022, Kuala Lumpur– Fintech entrepreneur Umar Munshi has received the Royal Award For Islamic Finance (RAIF) Rising Chief Award for his trailblazing efforts to develop fintech for Islamic finance and the spectacular improvement of his firm Ethis, a pioneer Islamic fintech co-founded with Ronald Yusuf Wijaya in 2014. The award ceremony was graced by Tan Sri Nor Shamsiah Binti Mohd Yunus, Governor, Financial institution Negara Malaysia, and Datuk Seri Awang Adek Hussin, Chairman, The Securities Fee Malaysia on the International Islamic Finance Discussion board (GIFF) 2022 held in Kuala Lumpur.
This award recognises younger worldwide expertise who’ve contributed outstandingly to advancing progressive concepts in Islamic finance. The winner was chosen by a world choice committee panel comprising esteemed academicians and business practitioners.
“I’m humbled by this award and hope it should propel Ethis and Islamic fintech to better heights. I used to be impressed by the ideas and method of Islamic finance once I found it in 2011 and since then have made it my and our mission to carry progressive options from Islamic finance to profit the world,” Umar stated.
“It isn’t simple being the first-mover. We’ve got survived and thrived because of the funding and unimaginable help of our shareholders, 110 abilities unfold throughout 10 international locations, our ever-growing group of crowdfunders from 84+ international locations, and naturally our regulators. I’m particularly appreciative of the knowledge and route offered by our shareholders and administrators who’re from many international locations together with Malaysia, Singapore, Indonesia, Saudi Arabia, UAE, and Qatar, and completed people who’re former and present CEOs or senior administration of respected banks and funding corporations, Shariah and finance specialists and company leaders. Collectively, we’re constructing a capital market platform the place companies, establishments, and people from world wide can come collectively to spend money on and lift funds instantly from one another, based mostly on Islamic ideas to gas and spur the actual economic system,” he added.
An entrepreneur for 20 years, Umar co-founded Membership Ethis in 2014, an Islamic non-public funding membership that developed right into a Fintech agency a 12 months later. Ethis gained early traction by matching particular person buyers from greater than 84 international locations to spend money on reasonably priced housing tasks in Indonesia. Ethis, now based mostly in Malaysia, has grown to be a formidable group of fintech funding and crowdfunding platforms with licences in Malaysia, Indonesia, and Oman. Its platforms enable particular person and institutional buyers to achieve entry to a spread of direct funding alternatives in firms and tasks.
Ethis has set plenty of precedents in Islamic fintech. It’s the first Shariah-compliant fairness crowdfunding platform in Malaysia and is now within the preliminary stage of deploying EthisX, a world Moral Personal Capital Market Platform, regulated within the Sultanate of Oman. It’s scaling up quickly in Indonesia, the place its short-term Musharakah financing tasks are rising steadily with international and native retail buyers and plenty of native institutional funders. In Malaysia, Ethis is constructing momentum with current issuances on its fairness crowdfunding platform oversubscribed.
Islamic fintech total is rising at 18% a 12 months globally, a quicker fee than the broader fintech market. Progress is pushed by real-world financing gaps, robust demand from customers, and the ESG element embedded in Islamic finance. This has caught the eye of VCs, and governments, particularly in Islamic finance centres.
“Within the current 2 years, plenty of our fintech founder associates secured massive investments from notable establishments and VCs. It’s well timed for Ethis to affix forces with establishments that see the chance we have now to construct quickly on our traction in our focus markets in Southeast Asia and the GCC, whereas exploring the unprecedented alternative to enter new markets and discover providing distinctive funding alternatives. We wish to drive the efficient and impactful circulation of capital in the actual economic system. We’ve got the folks, licenses, goodwill, and key infrastructure to attempt ahead,” added Umar.
The Ethis founders additionally lead efforts to develop the sector and ecosystem. Umar is the Chairman of the Islamic Fintech Alliance founder’s group and Ronald is the President of the Shariah Fintech Affiliation Indonesia (AFSI), a recognised sub-regulatory physique.
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NOTE TO EDITORS:
ABOUT ETHIS GROUP
Ethis Group operates crowd-investment platforms permitted by regulators in Indonesia, Malaysia and Oman.
Our platforms serve extraordinary folks, high-net-worth people, company, and authorities entities. Ethis constructed our preliminary observe document from 2016 to 2020 in social housing in Indonesia the place our international group of buyers from greater than 50 international locations funded improvement tasks to construct near 10,000 houses. We just lately launched EthisX, the cross-border Moral Personal Capital Market Platform.
For the reason that onset of COVID-19, we have now launched in style new funding merchandise, together with short-term, high-yield supply-chain financing tasks in Indonesia and fairness funding in ‘future tech’ startups in Malaysia. Our social finance market GlobalSadaqah performs an important function in matching donors and Islamic economic system gamers to higher distribute social finance and zakat to NGOs and social enterprises. EthisX goals to deal with the dearth of availability of Shariah-compliant and moral various funding and financing in rising and developed non-Muslim international locations with sizeable sufficient Muslim populations.
We exist to #circulategood. Our deep need to create a extra moral type of finance to uplift humanity has attracted vital finance and group leaders to help our imaginative and prescient and mission.
For extra details about Ethis Group, please go to https://ethis.co
For media enquiries, please contact:
Anis Muslimin
Senior Supervisor, Advertising and Communication
Ethis International Sdn. Bhd
E mail: anismuslimin@ethis.co
Tel: +6 011 1639 0920
Afiqah Abdul Aziz
Public Relation and Advertising Government
Ethis International Sdn. Bhd
E mail: afiqah@ethis.co
Tel: +6 012 304 5041
