MUSCAT: EthisX, based out of Muscat, the Sultanate of Oman, and part of ethical investment and social finance platform operator Ethis Group, will officially launch its first event, “Entrepreneurship Haven – From Idea to Profit through Crowdfunding” to raise awareness on crowdfunding and its importance in growing the local entrepreneurship ecosystem.

The half-day physical event will be held at the College of Banking and Financial Studies on June 23 in collaboration with the SMEs Development Authority, Al Jabr, Thawani, Baker Tilly, and other partners. The event brings together major stakeholders within Oman’s entrepreneurship ecosystem including experienced local and international industry experts.

These discussion sessions will give entrepreneurs and founders face time with VCs, PEs, and business owners, as well as providing insights on all possible Shariah-compliant financing methods available in the market and its benefits. Several startup founders will also be given the opportunity to share their experiences on the importance of funding.

EthisX was licensed by the Capital Market Authority, the financial regulatory authority responsible for capital markets in Oman on March 3 this year. The platform is the first-of-its-kind cross-border Ethical Private Capital Marketplace able to offer direct shariah-compliant investments into SME companies and special purpose vehicle (SPV) projects from the Sultanate of Oman and across the globe.

Crowdfunding, though nascent, is growing in the Sultanate of Oman and expects to develop even further with the support of the Capital Market Authority, who in an effort to stimulate the local market, announced early this year that companies intending to carry out crowdfunding activities will be exempted from licensing fees until 2023.

Through EthisX, startups and SME owners may raise funds for their businesses directly from global and local investors.