Salaam Gateway, in cooperation with DinarStandard, presented the first-ever system Top 30 startups within the digital Islamic economy list. This initiative pays tribute to digital start-ups that give attention to Islamic or halal lifestyles in sectors comparable to fintech, media, travel and fashion.
What makes this list noteworthy? Not only is that this a benchmark for growth, however it also highlights the innovation of start-ups that serve consumers in value-based Islamic markets. Especially, The top ten included 4 startups from Southeast Asiahaving fun with great interest.
Islamic Hijra (Indonesia)
Ranked sixth on the list, Hijra Islami is a pioneer in transforming Sharia-based financial services. Founded in 2017 as a Shariah finance aggregator, it evolved right into a P2P platform in 2019 and a digital bank by 2023.
By the top of 2023, Hijra had provided over $350 million in financing to SMEs in Indonesia, supported by over 350,000 users. With recent funding from investors comparable to Intudo Ventures and East Ventures, Hijra is now focused on expanding its services, including Shariah-compliant home financing.
Evermos (Indonesia)
Ranked seventh, Evermos is a social commerce platform that connects local halal brands with over 900,000 sellers, 80% of whom are women.
In addition to providing Shariah-related business and financial training, Evermos raised $39 million in Series C funding in May 2023. The platform plans an IPO by 2026 and is strengthening its position available in the market by offering over 65,000 local products.
Kitabisa (Indonesia)
Kitabisa is Indonesia’s largest crowdfunding platform, connecting donors to support various social causes, each local and international. Since its inception in 2013, the platform has engaged over 10 million donors and conducted a million campaigns, offering services comparable to zakat, infaq, sadaqah and takaful.
In 2023, Kitabisa has secured $20 million in investments to drive growth, including the event of its Shariah-based insurance product, SalingJaga. Last 12 months, the platform also raised $36.6 million for various social programs.
Bitsmedia (Singapore)
Bitsmedia, the creator of the Muslim Pro app – which has been downloaded over 150 million times – ranks ninth on the list. The Singapore-based company launched its Qalbox streaming service in 2022. By the top of 2023, Bitsmedia had raised $20 million in Series A funding to reinforce its AI capabilities, educational features and Muslim lifestyle apps.
