Red Envelope: Ethis Crowd and Islamic Fintech

Sharia-compliant banking assets make up 6% of the world’s banking
assets. With Muslims accounting for a quarter of the world’s
population and 80% of Muslims are not financially included ,
there are considerable opportunities to explore.


The industry is projected to grow at 7.7% CAGR to reach $3.8
trillion in 2022. Interestingly, Sharia-compliant retail banks
have been attracting quite a following from non-Muslims as well.
55 percent of all UK's Al Rayan’s new customers since 2014 and 90
percent of its fixed-term deposit customers last year were
non-Muslim. Maybank Islamic, Malaysia’s largest high street bank
that offers both Shariah-compliant and conventional accounts,
reported having "close to half” and almost two-thirds of their
affluent customers as non-Muslim. 


In today's episode of Red Envelope, we have Umar Munshi joining
Arun Krishnakumar and Theodora Lau. Umar is the Co-Founder of
Ethis Ventures and a Managing Director at Ethis Crowd. Both firms
focus on Islamic Finance/Fintech businesses in South East Asia -
one of the largest Shariah Finance markets in the world.


Umar shares with us his journeys from being a humble salesman in
a healthcare business, to an Islamic Fintech Influencer and
thought leader. The discussion covers opportunities in South East
Asia for businesses focusing on sustainable innovation. Thanks to
the huge consumer base, Malaysia and Indonesia are Asia's hub for
Shariah finance. Umar discusses his plans for global expansion
and his thoughts on the European and the UK market in particular.


Listen in for more information from Asia's hub of Islamic
fintech.


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