Indonesia's Ethis Group is bolstering Shariah compliant crowdfunding platforms, aiming to raise $10 million in an upcoming full Series A round

JAKARTA – Ethis Group, which operates regulated Shariah-compliant crowdfunding platforms in Indonesia, Malaysia and Dubai, has raised $1.6 million in pre Series-A funding.

Ronald Yusuf Wijaya, Co-Founder & CEOof  PT Ethis Fintek Indonesia, told Salaam Gateway the super angel investors include corporate leader Tan Sri Wan Zulkiflee, and Daud Vicary Abdullah, a renowned figure and thought-leader in Islamic finance and banking, both from Malaysia, and Dubai-based Khurram Hilal, CEO of global Islamic banking at a leading international bank.

The funds will be used by Ethis Global Sdn Bhd to scale up operations in existing markets, acquire licenses and set up in new jurisdictions such as Oman and Turkey. It will develop new technology as part of the group’s planned milestones leading up to their full Series A round, with Ethis aiming to raise $10 million from institutional and strategic corporate investors.