Malaysia-based fintech startup Global Sadaqah has raised RM450,000 via an issuance on recently-regulated Shariah-compliant equity crowdfunding platform Ethis Malaysia. Open for 72-hours, the flash-fundraising campaign surpassed the minimum target of RM200,000, attracting investors from 10 countries including strategic angel investors.
Angel investors include Singapore-based Azmi Muslimin, GCC-based Khaled Fouad and Awaiz Patni, individuals with careers in the management of significant investment companies.
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.”
Angel investor, Awaiz Patni, who is the CFO of a large business group said, “I like the focus on transparency and accountability. 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.”
The investment will be used to expand its range of service offerings in Malaysia, increase its presence in key markets, and adopt emerging technologies. The current area of focus is to work with more corporate clients and foundations to provide funds for sustainable and impactful programs, including a recently-launched Qard Hassan programme for micro-enterprises in Malaysia. Global Sadaqah is also expanding on its successful SocioBiz partnership with Alliance Islamic Bank.
“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”, said Ifran Tarmizi, Global Sadaqah’s Country Manager for Malaysia.
While it has a dedicated focus on corporate clients, 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 2 years, with Malaysia and Singapore currently the top 2 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.