Islamic Finance

Shariah-compliant VC secures 25 mln ringgit for fund targeting ASEAN Islamic tech start-ups

Shariah-compliant Ficus Venture Capital has secured 25 million Malaysian ringgit ($5.99 million) in investments for its maiden flagship Ficus Fund 1.

The Malaysia-based VC said in a statement on Monday its Ficus Fund 1 will invest in Islamic tech start-ups with high-growth potential in the countries of the Association of Southeast Asian Nations.

Ficus will allocate 10 million ringgit of the secured 25 million ringgit to start-ups during Malaysia Tech Week that runs from Jun 17 to 21.

The VC is targeting a total of 100 million ringgit in investor commitment for its Ficus Fund 1.

Current investors have come from Malaysia as well as abroad, including from Japan, said Ficus.

Ficus VC is chaired by former banker and investment professional Nor Azmin Salleh, and its co-founders are serial entrepreneur and angel investor Tan Swee Yeong, Mercatus Capital co-founder Rina Neoh, Amanie Advisors’ former Managing Director Baiza Bain, and Abdullah Hidayat Mohamad who was involved with strategy for the Islamic Corporation for the Development of the Private Sector.  

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