Salaam Gateway - Global Islamic Economy Gateway

15 Most Active VCs in the Islamic Digital Economy

Salaam Gateway, in partnership with DinarStandard, has released its list of The 15 Most Active VCs in the Islamic Digital Economy.

The list features 15 venture capital firms that actively invested in the global Islamic Digital Economy during the 2024 timeframe. It serves as a benchmark and reference point for how investors are supporting ethical and innovative technologies across emerging verticals. It also highlights funding opportunities for startups aiming to scale within the Islamic economy space.

The final score of each VC is a normalized score (1–100), derived from an analysis of the number of investment deals and the Muslim consumer-centric deals score in 2024. See the detailed methodology below the table.

To read our summary and analysis of the ranking, click here.

Filter Companies

Rank	Company Name	Sector	Country	Score
1	Wahed Ventures	Venture Capital	United Kingdom	95.7
2	Core Vision Investments	Venture Capital	Saudi Arabia	80.6
3	Hasan VC	Venture Capital	Malaysia	55.6
4	Waad Investment	Venture Capital	Saudi Arabia	51.8
5	Flat6Labs	Venture Capital	Egypt	40.5
6	1337 Ventures	Venture Capital	Malaysia	32.3
7	Gobi Partners	Venture Capital	Malaysia	32.3
8	RZM Investments	Venture Capital	Saudi Arabia	31.9
9	Turkey Development Fund	Venture Capital	Turkey	24.5
10	Qatar Development Bank	Venture Capital	Qatar	24.1
11	Cur8 Capital	Venture Capital	United Kingdom	23.7
12	Adaverse	Venture Capital	Singapore	23.7
13	APY Ventures	Venture Capital	Turkey	16.4
14	Oqal	Venture Capital	Saudi Arabia	16.4
15	Sanabil 500 MENA	Venture Capital	Saudi Arabia	16.4

Methodology

The 15 Most Active VCs in the Islamic Digital Economy list was compiled after extensive research and analysis of consumer-facing Islamic Digital Economy deals worldwide in 2024.

Venture capital firms were evaluated based on the following criteria:

Number of Investments: Total number of investment deals in 2024 across global markets.
Muslim-Consumer Centric Focus: Each deal was categorized into one of the following three segments to assess its alignment with Muslim consumer needs:
- Muslim Targeting: Startups with explicit halal or Shariah-compliant positioning.
- Partly: Startups that offer some products or services targeting Muslim consumers, alongside general or conventional offerings.
- General: Startups with no specific Islamic or Muslim focus, but that operate within OIC (Organization of Islamic Cooperation) countries. These are included as long as they do not have haram (prohibited) products or services as main offering.

We selected a maximum of 15 VC firms. If multiple firms had the same score at the cutoff point, a qualitative assessment was conducted based on their activity in the Islamic digital economy.

Data Sourcing

Data was analyzed from multiple sources, including DinarStandard's proprietary 'ImpactIntell' database, company websites, social media, press releases, direct input from venture capital firms, and third-party intelligence tools such as Crunchbase, Pitchbook and Tracxn.

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