Gobi Partners is one of Asia’s largest venture capital (VC) firms with US$1.5 billion of assets under management across North Asia, South Asia and ASEAN. Headquartered in Kuala Lumpur and Hong Kong, the VC’s TaqwaTech strategy is part of its ESG guidelines to give special attention to Muslim entrepreneurs. Gobi Partners recently launched its first fully Shariah compliant fund in partnership with Ethis Group valued at US$20 million, furthering its efforts in the Islamic investment space in line with the TaqwaTech strategy.
“As one of Asia’s largest VC firms, we are in the unique and privileged position to make an impact on the way businesses conduct their operations going forward. Our investments in TaqwaTech are all aligned with our existing values of empowering diverse leaders and championing gender equality. This is also aligned with the environmental, social and governance frameworks that have become necessary to navigate 21st century risks,” Jamaludin Bujang, the managing partner at Gobi Partners, told ISFI.
The TaqwaTech strategy has been defined as an investment thesis targeting growth companies that use technology for purpose-driven innovation to serve the Ummah — Muslim consumers, businesses or communities around the world. It recognizes the lack of opportunities and inclusion faced by entrepreneurs from Muslim-majority countries.
“We are excited to partner with Ethis Group in creating this new Shariah compliant fund, which is very much in line with our existing TaqwaTech focus. Muslim consumers represent a US$2.2 trillion market opportunity, and the Muslim community is anticipated to make up more than 31% of the world’s population by 2060; however, the Muslim community’s digital needs are largely unmet or underserved. Through this partnership with Ethis and the creation of this dedicated fund, we will now be able to fund, nurture and support even more Muslim entrepreneurs,” Thomas Tsao, the co-founder of Gobi Partners, commented.
Targeted to have its first closing by the end of this year, the joint fund will invest in Shariah compliant start-ups globally with an initial geographic focus in the MENA and ASEAN regions.