Islamic SME crowdfunder Kapital Boost receives Shariah certification, eyes funding
Photo: Kapital Boost team at the Idealab session for startups, World Islamic Economic Forum 2015, Kuala Lumpur. From L to R: Ronald Wijaya (Partner, Indonesian representative), Firdaus Shariff (shareholder), Erly Witoyo (co-founder, Managing Partner), and Umar Munshi (co-founder, Partner) / Courtesy Kapital Boost
Kapital Boost, Asia’s first Islamic SME crowdfunding platform, yesterday received Shariah certification from the Financial Shariah Advisory & Consultancy (FSAC) for its murabahah crowdfunding structure, the company said in a statement.
The Singapore-based crowdfunder uses the murabahah structure to help SMEs meet their short-term financing needs for asset purchases. The platform matches SMEs with investors who pool funds to purchase goods or equipment, and thereafter on-sells them to the SMEs at a mark-up.
Kapital Boost has raised more than 1.3 million Singapore dollars ($0.9 million) for 26 SME campaigns since it was founded in July 2015, said the company.
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