Musharaka Private Equity Solutions Sdn. Bhd is the nation’s first Islamic venture capital fund. The company has received good support from the Securities Commission and Malaysia Venture Capital Development Council.
The founder, Encik Nor Idzam Yaakub, has fifteen (15) years of experience in venture capital business (including 7 years in Islamic fund management), was involved in drafting best practices for Islamic venture capital funds. Therefore, it is deemed that the company is not only setting up funds but helping in the drafting of Islamic venture capital guidelines. Encik Nor Idzam’s experience in venture capital originates from his instrumental role in starting up the venture capital arm of Bank Islam. He left Bank Islam last year before starting Musharaka in 2008.
The Fund appointed an independent syariah adviser to vet the fund agreements since it will be a test bed for Islamic venture capital funds. Musharaka also aims to market to foreign investors as well. The company has received funding of RM 30 mil in MAVCAP’s OSP2 Programme for its investment in information, communication and technology sector. The stage of financing covers start-up, mezzanine, expansion, management buy-out (MBO) and acquisition.