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IslamicMarkets.com wins US$1 million Islamic economy competition

FOR IMMEDIATE RELEASE

IslamicMarkets.com wins US million Islamic economy competition

 

Kuala Lumpur, Malaysia, June 21, 2019 - IslamicMarkets.com, a global Islamic financial markets platform, has been named the winner of an Islamic economy competition in Kuala Lumpur, Malaysia.

The contest was hosted by Gobi Partners, a leading venture capital firm with presence across China, Hong Kong, and ASEAN region. Out of 10 local, regional, and international firms, IslamicMarkets came out ahead in the end and won the US$1 million prize funding. Judges were from Gobi Partners, Alibaba Group, Malaysia Debt Ventures (MDV) and 500 Startups.

“With the Islamic economy, you have a number of players in different markets. You have the financial players, the broader ecosystem like modest fashion, health tech for example. Each one of these players are looking to scale to tap into the US$4 trillion Islamic market,” said IslamicMarkets' CEO, Shakeeb Saqlain

“But despite the huge potential, the market itself is deeply, deeply fragmented. So expanding domestically and internationally is a huge challenge for these firms.”

“A lot of the time we’ve been doing this has been spent on the drawing board. The Islamic economy is a little different: it’s not one of those areas whereby you can have an idea and raise the same sums you would raise in the conventional space. So we had to be a lot more focused on developing the product, getting the traction, doing it organically; that’s what’s been rewarded.”

IslamicMarkets is the world's first platform for the global Islamic economy, providing learning, financial intelligence and investments. It was launched in April 2018 by the team behind IslamicBanker, a reference point for the Islamic banking industry.

Notes to editors:

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