Case Studies of Malaysia

Ethis Malaysia is part of Ethis Global. Starting as an investment club in 2014, Ethis is widely considered as a pioneer brand in Islamic ntech and is known for its Shariah compliant digital platforms. Headquartered in Kuala Lumpur, Malaysia and with a branch office in Jakarta, Indonesia, Ethis currently runs:

  1. A regulated equity crowdfunding platform that focuses on funding businesses and projects in the agriculture, property, social enterprise and waqf sectors (Malaysia)
  2. A regulated P2P platform whose main product focuses on financing social housing developments (Indonesia); and
  3. A charity, zakat and waqf platform called Global Sadaqah (Malaysia)

Ethis also has a plan to launch another investment platform that focuses on financing property developments in Dubai.

This case study focuses on Ethis Malaysia (

Key Personnel

Ethis Global is led by the Group Managing Director and Co-Founder, Umar Munshi. Ethis Malaysia is overseen by its CEO, Mohamed Shehzad Bin Mohamed Islam, who is supported by its COO and Head of Shariah, Mufti Yousuf Sultan. Three key seed investors were involved in the early stages of Ethis; Conex Cap, Quest Ventures, and Mountain Partners. Ethis Malaysia is currently also in a private round of fundraising from selected investors.

Business Model

As an equity crowdfunding platform, Ethis Malaysia matches between issuers (Malaysian companies) and investors. Ethis Malaysia charges Malaysian companies that raise funding on its platform a fee equivalent to 6%-10% of capital raised. Other miscellaneous fees apply for services such as registration, onboarding, and post investment updates. Ethis as a group, adopts a financially prudent approach and eschews a growth at-all-cost strategy. While Ethis Malaysia leverages on the group’s team of experts, the bulk of costs come from HR, technology and online marketing expenses.

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