IslamicMarkets Ltd, an established learning and market intelligence provider for Islamic financial and commercial markets (with offices in London and Kuala Lumpur), has reportedly acquired additional funding from the DDCAP Group.
Both companies are committed to expanding the global Islamic economy and supporting the development of various products and services offered by IslamicMarket.com.
The amount invested by DDCAP has not been shared publicly. The new investment has been made at a time when businesses and individuals are struggling to cope with the COVID-19 outbreak.
Despite the challenges associated with the pandemic, IslamicMarkets claims that it has seen steady growth of its learning, financial intelligence and investment offerings. The capital acquired will be used by the Islamic financial services company to further enhance its platform, while also expanding to other regional markets.
Shakeeb Saqlain, CEO at IslamicMarkets.com, stated:
“There is a worldwide paradigm shift to a new digital economy taking place right now. IslamicMarkets continues to be the Islamic economy’s leading learning and data technology platform with over 250,000 users. Our ongoing and extended collaboration with DDCAP will further drive our growth, even during these extraordinary times.
“The digital infrastructure we have created for the global Islamic economy aims to harmonise this $5 trillion market and has been adopted by some of the largest financial institutions and regulators.”
Stella Cox CBE, Managing Director of DDCAP, said that the staff members and management at DDCAP and IslamicMarkets.com realized that they had two businesses that had a lot in common. They also knew that they could leverage each others’ expertise to offer better products and services.
“Since our stakeholder interest was reaffirmed and expanded through our role as a shareholder, we have had the opportunity to further support IslamicMarkets.com as its geographical reach and its products and services expanded, but also as the company addressed the unique set of circumstances presented to the global business community by COVID-19.”
Cox further noted that the adverse market conditions, due to the pandemic, present key opportunities and IslamicMarkets.com has shown that it’s well-prepared to deal with challenges. According to Cox, IslamicMarkets has also been ready to introduce innovative new services that support education, knowledge and awareness of Islamic financial services.
Cox will be joining the Board at IslamicMarkets. Adam Sadiq, Co-Founder & Managing Partner of New World Capital Advisors, and Khalid Howladar, Senior Managing Director at R.J. Fleming & Co. are also serving on the company’s board.