Singapore-based EthisCrowd.com, a Shariah compliant crowdfunding platform, aims to raise up to S$1 million in real estate crowdfunding from senior executives and delegates present at the Global Islamic Finance Forum (GIFF) 5.0 in Kuala Lumpur, 10 to 12 May 2016.
The forum, in its fifth iteration, is organised by the Association of Islamic Banking Institutions Malaysia (AIBIM), and is themed “Dream Big, Grow Beyond”.
AIBIM’s Executive Director, Yusry Yusoff said, “We are delighted to have Ethis coming on aboard GIFF’s business pitching sessions, a first for the forum, to crowdfund for the Depok Dream Village, Jakarta.
“Business pitches and the ASEAN Fintech Challenge will be amongst the key highlights of GIFF which aims to encourage the Islamic financial industry to partner with innovators, and adopt new ideas in order to expand the reach of Islamic finance”.
“Ethis has secured an attractive piece of land in Depok, Greater Jakarta at 20% below market for the Depok Dream Village. We expect the projected returns to be 48 to 55% over 3 to 3.5 years from a share of the development profits,” said Founder, Umar Munshi.
Depok Dream Village is an affordable cluster condo project. This low-rise condo estate with more than 3,000 units will be developed as a high-quality, full-facility, eco-friendly, modern and intelligently designed estate.
“There will be an emphasis on beautiful landscapes, recreational and sports facilities, in addition to child-friendly play areas to give lower-income families the opportunity to experience a higher quality of life, at prices they can afford,” he added.
“Cluster condos are a hot new concept in satellite towns around Jakarta, and recent projects in other towns aimed at the middle-class have sold out very quickly,” said Ronald Wijaya, the director of PT Ethis Indo Asia, an associate company that is also the co-developer for the project.
More than 500 senior executives from around the world have registered for GIFF, which will gather thought leaders, experts from major institutions as well as fintech innovators to share insights, explore new business models and opportunities to achieve the vision of having a major presence in the mainstream market.