The partnership was announced and formalised at a signing ceremony held at Villa Zamara in Kuala Lumpur. The collaboration enables both parties to provide better awareness and to drive adoption of Islamic economy products and services for Muslims.
As direct consumer platforms, this partnership also expands the consumer base for both parties in providing ethical and Islamic financial options to the consumers.
This partnership enables Ethis and TheNoor to not only provide consumers with convenient access to a host of Islamic products and services but enables both parties to uplift humanity through fintech.
Various charity programmes have been rolled out through GlobalSadaqah – a corporate social responsibility (CSR), zakat and waqf management arm of Ethis Group – through this partnership which offers consumers access to various charity (sadaqah) programmes.
“From the perspective of Global Sadaqah, the overall aim of the partnership is to leverage on fintech to make giving charity easy for users of TheNoor and enable them to create an impact across the globe via the TheNoor application.” said, country manager (Malaysia) of Global Sadaqah, Irfan Tarmizi.
“Our partnership with TheNoor has enabled us to help our charity partners, the non-government organisations (NGOs), in expanding their reach to new supporters. This also helps us grow our presence and create brand awareness for GlobalSadaqah especially within the local Malaysian market,” he added.
According to the State of the Global Islamic Economy Report 2019/20, investments in Islamic economy companies have seen tremendous growth of 399 per cent in 2018/19 valued at USD1.2 billion across Islamic economy transactions in halal products, Islamic lifestyle and Islamic fintech.
Umar Munshi, co-founder of Ethis Group, said that as part of their expansion strategy, the partnership with TheNoor is also an important step for creating awareness on the investment opportunities that they have on their platform.
“This awareness will lead to greater access to retail investors who are looking to take advantage of growth in the shariah-compliant investment space – a growth opportunity that can best be unlocked through our Ethis platform.
“We remain confident in our investment management process, which our team has become experts of, and this ensures the sustainability and ethical nature of the investments we promote. We will be rolling out more investment options through our partnership, so watch this space,” he shared.
Ahmad Tajuddin Idris, co-founder and chairman of TheNoor, said that they are happy to be associated and to work with Ethis to allow their users to contribute to global charity through Ethis’ GlobalSadaqah platform.
“We also look forward to working with Ethis on Islamic investments in the near future. We hope this would also drive the uptake of Islamic-centric products and services in Malaysia and globally through the awareness created through this partnership.”
Currently, Ethis provides users of TheNoor with access to a variety of local and international verified charity campaigns. For users of TheNoor who are residing outside of Malaysia, Ethis helps facilitate their donation process by allowing transactions in international currencies such as in USD, EUR, GBP, and AUD amongst others,” he explained.
Taking it a step further, TheNoor users who are involved in cryptocurrency investments can also give donations directly using their cryptocurrency on all GlobalSadaqah’s campaigns featured on the application.