IslamicFinanceGuru raises £3 million to ‘unlock personal finance for Muslims’ globally
IFG has raised £3m from Outward VC and B&Y Partners. Several strategic angels participated including the co-founders of fintech unicorns Onfido and Acorns as well as senior executives from Facebook, Bank of America Merrill Lynch and Credit Suisse.
IslamicFinanceGuru (or “IFG”) is a UK-based Islamic finance platform seeking to provide Muslims all over the world with the same guidance and access to high-quality, suitable financial products as others receive from mainstream fintech.
IFG’s expert content-driven approach to Islamic finance sets them apart. Users have come to rely on their combination of classical Islamic law and practical investment advice. Meanwhile, financial product partners love the direct, trusted route to market they get to a niche audience.
Ibrahim Khan and Mohsin Patel started IFG as blog in 2015, sharing their own research on the subject. The blog quickly blossomed into a trusted online resource and by early 2020, both founders quit their corporate law jobs to focus on the business full time.
“The IFG mission is really simple: we want to help bring a quarter of the world’s population back to even keel. For too long Muslims have not had the same access to investing and finance as everyone else, and we are incredibly motivated to change that,” said Khan.
IFG has since grown organically and is visited by over 120k people each month and boasts 80,000 followers across social media and Telegram.
Alongside its comparison engines, IFG also provides proprietary sharia-compliant products, including digital Islamic wills.
“Our focus for the next two years is to build out a scaleable, unified and personalised Islamic finance platform that acts as a one-stop-shop for Muslims looking to invest and track their investments,” said Patel.