According to HASAN.VC Managing Partner Umar Munshi, camel startups embody the spirit of adaptability and can thrive under difficult conditions.
HASAN.VC hosted its Halal Startup Showcase in Kuala Lumpur this week, presenting 21 dynamic startups from its inaugural accelerator cohort focused on Southeast Asian startups.
According to HASAN.VC Managing Partner Umar Munshi, this milestone event underscored their commitment to pioneering a new paradigm in Islamic finance and ethical entrepreneurship.
“We aim to reshape the economic landscape through the lens of integrity and sustainability. We are addressing the critical need for more ethical businesses to solve humanity’s challenges,” says Munshi.
Recognizing this, Munshi says that their firm has developed a comprehensive solution that integrates a dedicated fund for their angel group and an accelerator to support and nurture startup founders.
“we believe that startups can be a powerful force for good, creating solutions that benefit society while being profitable. We are particularly focused on supporting Camel startups—those that demonstrate resilience in the face of adverse and challenging conditions and have the ability to capitalize on opportunities. These startups embody the spirit of adaptability and resourcefulness, much like camels, which thrive in harsh environments. We aim to nurture and help these ventures grow, ensuring they have the support and resources needed to succeed,” says Munshi.
HASAN.VC’s accelerator program is designed to equip early-stage tech startups with the critical tools, knowledge, and capital they need to thrive.
Commenting on the program, HASAN.VC Principal Mohd Akhtaar says that over the past eight weeks, participating startups have undergone rigorous training, received mentorship, and built enduring relationships with industry experts and investors.
“The showcase event highlighted the exceptional quality and dedication of the first cohort of startups and we are humbled by the faith these startups have placed in us. Their innovation and dedication inspire us to continue supporting their journey towards success. By investing in these startups, stakeholders contribute to a broader movement towards a just, sustainable, and inclusive global economy,” says Akhtaar.
According to Munshi, the demand for innovative, ethical, and Halal products and services is growing as the global Muslim population expands.
Citing the ‘State of the Global Islamic Economy Report 2023/24’ by DinarStandard, the Halal market, now exceeding USD 2 trillion, remains largely untapped.
“This presents a vast ocean of opportunities for investors and entrepreneurs alike. We are bridging this gap by supporting Halal startups that align profitability with social impact,” says Munshi.
Notes from the Editor: HASAN.VC is represented in Malaysia by Ethis Ventures Sdn Bhd, a Market Operator for Equity Crowdfunding under the Securities Commission Malaysia. HASAN.VC is set to host its second Halal Startup Showcase in Jakarta in August 2024. For more information click here.
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