Ethis Group and Gobi Partners to debut Shariah-compliant US$20 million Seed Fund



KUALA LUMPUR, 23 June 2022 – Ethical investment and social finance platform operator, Ethis Group, having launched EthisX as part of its global expansion plan, continues to trail blaze by collaborating with pan-Asian venture capital firm, Gobi Partners, to structure and set up a US$20 million Shariah-compliant seed fund. 

The Fund, which is targeted to have its first closing by the end of this year, is notable for being  Ethis Group’s first move into the venture fund space as well as Gobi Partners’ first-ever fully Shariah-compliant fund. 

This collaboration combines the venture guiding acumen of Gobi Partners which currently has US$1.5 billion of assets under management across North Asia, South Asia and ASEAN, with Ethis Group’s growing group of fintech investment and crowdfunding platforms in Indonesia, Malaysia and most recently Oman. The Fund will benefit from the network of start-ups and scale-ups accessible by Gobi Partners, a prominent name in Asia, and Ethis with its deep relationships in the Halal economy and impact-investment space.

The partnership is aimed at capturing the growth of startups in the Halal economy where startups adhere to Shariah law, and thus their products are built to serve a large Muslim community. The geographic presence of Gobi and Ethis in markets with large Muslim populations bode well for the joint fund to invest in these startups. Furthermore, the fund’s focus on the broader ethical investment agenda resonates well with the post-pandemic emphasis on Environmental, Social, Governance and sustainable investments that also stretch beyond the Muslim community.

Ethis Group and Gobi Partners

“The establishment of this joint fund will allow us to channel investments into tech startups driving change and making an impact. Venture capital is in high demand and suitable for ethical investment,” said Mohamed Shehzad Bin Mohamed Islam, Chief Executive Officer of Ethis Investment Platform LLC (EIP).

Founded in 2002, Gobi Partners which is now headquartered in Kuala Lumpur and Hong Kong, supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets. Gobi has raised 15 funds to date, invested in over 320 startups and nurtured nine unicorns. The latter includes Malaysia’s first unicorn, car e-commerce marketplace Carsome, and British-Hong Kong biotech startup Prenetics. 

In 2016, Gobi launched its TaqwaTech vertical which focuses on investments in Islamic ventures and the global Muslim economy. Most notable of its TaqwaTech investments is Dubai-based Umrahme, which is now the global market leader in online Umrah pilgrimage bookings with over 3.5 million pilgrims since its inception in 2019.

Ethis Group and Gobi Partners

“We are excited to partner with Ethis Group in creating this new Shariah-compliant Fund, which is very much in line with our existing TaqwaTech focus. Muslim consumers represent a US$2.2 trillion market opportunity, and the Muslim community is anticipated to make up more than 31% of the world’s population by 2060, however, the Muslim community’s digital needs are largely unmet or underserved. Through this partnership with Ethis and the creation of this dedicated Fund, we will now be able to fund, nurture and support even more Muslim entrepreneurs,” said Gobi cofounder, Thomas Tsao

Once launched, the joint Fund will invest in Shariah-compliant startups globally with an initial geographic focus in the MENA as well as the ASEAN regions. EthisX’s presence in the Sultanate of Oman in particular is timely as it can have direct access to the growing investment opportunities supported by the Oman Vision 2040 which emphasised the diversification of its economy, development of the fintech industry and digitisation efforts by the authorities.  

About Ethis Group

Ethis Group operates crowd-investment platforms approved by regulators in Indonesia, Malaysia and Oman.

Our platforms serve ordinary people, high-net-worth individuals, corporate, and government entities. Ethis built our initial track record from 2016 to 2020 in social housing in Indonesia where our global community of investors from more than 50 countries funded development projects to build close to 10,000 homes. Most recently, we launched EthisX, the cross-border Ethical Private Capital Market Platform. 

Since the onset of COVID-19, we have launched popular new investment products, including short-term, high-yield supply-chain financing projects in Indonesia and equity investment in ‘future tech’ startups in Malaysia. Our social finance marketplace GlobalSadaqah plays a vital role in matching donors and Islamic economy players to better distribute social finance and zakat to NGOs and social enterprises. EthisX aims to address the lack of availability of Shariah-compliant and ethical alternative funding and financing in emerging and developed non-Muslim countries with sizeable enough Muslim populations. 

We exist to #circulategood. Our deep desire to create a more ethical form of finance to uplift humanity has attracted significant finance and community leaders to support our vision and mission.

For more information about Ethis Group, please visit and

About Gobi Partners

Gobi Partners is the most interconnected Pan-Asian venture capital firm with US$1.5 billion in assets under management (AUM) across North Asia, South Asia, and ASEAN. Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.

Founded in 2002, Gobi has raised 15 funds to date, invested in over 320 startups and nurtured 9 unicorns. Gobi has grown to 15 locations across key markets in Bangkok, Beijing, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Riyadh, Shanghai, Shenzhen, Singapore and Surabaya.

As a Participant of the United Nations Global Compact, Gobi Partners is committed to aligning strategies and operations with universal principles on human rights, labour, environment and anti-corruption to ensure long-term value creation and sustainability across our portfolio. The firm launched its inaugural Sustainability Report in June 2022, which can be accessed here.

For more information about Gobi Partners, please visit

For media enquiries, please contact: 

Anis Muslimin
Senior Manager, Marketing and Communication
Ethis Global Sdn. Bhd
Tel: +6 011 1639 0920

Afiqah Abdul Aziz
Public Relation and Marketing Executive
Ethis Global Sdn. Bhd
Tel: +6 012 304 5041

Lidiana Rosli
PR Manager
Gobi Partners
Tel: +60123335085