Halal Angels Network was launched in Ramadhan this year, in May 2020, amid the global Covid-19 pandemic. The launch was timely given the financial impact had led to many businesses to lose money, and people to lose jobs.
Halal Angels Network targets investments in Halal and ethical businesses, as well as to promote innovation and entrepreneurship. The Halal Angels Network would also serve as a business network where members could be networking with each other for businesses. We spoke with its founder, Dr. Tausif Malik, an American based in India.
Dr. Tausif Malik is the man behind the Muslim spelling bee in America. Malik established a community based “Muslim Spelling Bee” with the sole idea of increasing Muslim Student participation at major spelling bee competitions. According to Malik, this social enterprise has now emerged as the second-largest spelling bee & largest community-based spelling bee competition.
Malik used his advertising, marketing, public relations, and publishing experience to build the competition with help from community leaders and his personal contacts in Chicago.
Little that people know while making the Muslim Spelling Bee a reality, Malik was driving a taxi to support himself. He could easily take a job, with his qualifications he could easily take a 9-5 Job.
“If had taken a 9 to 5 job, it would be difficult for me to work on the spelling be competition because as Muslim you are not allowed to be moonlight while working. Whatever you do in business the blessings of the almighty is the most important thing.”
He is a serial entrepreneur who started the Halal Angels Network after the success of his earlier initiative, the All India Muslim Business Startup Network (AIMBSN). AIMBSN aim was to promote Halal businesses and entrepreneurship among Muslims in India.
Riding on the success of AIMBSN, Dr. Tausif Malik then went on to recreate the model for the global Halal market, hence, the Halal Angels Network was launched.
Malik said that “the Angels Network is looking to have 500 angel members. We’re looking at getting angel investors who can also contribute in non-monetary ways.”
“We’re looking for global investors. We are looking for different representatives from different countries to be board members and advisors to Halal Angel Network. This also includes angel investors with various expertise. “
According to Malik, “While doing that, we wanted to do this on the blockchain technology. Alhamdulillah, we are the first ecosystem to be backed by blockchain.”
“What blockchain does is, it creates an ethical ecosystem. It creates all the data in blocks.”
The global Halal market is valued at USD2.4 trillion in 2020 based on the State of the Global Islamic Economy Report by Dinar Standards.
The report also mentioned that only USD 6 million was invested in 2019 in the global Halal economy by angel investors, representing less than 1 percent of USD1.2 billion investments in the global Halal economy.
The Halal Angels Network has the potential to fuel the halal economy which is underfunded as it is.
Malik has a great vision for the Halal Angel investors, he wants to see ideas that can fuel the halal economy to get the funding they deserve.
“We are looking for angel investors with various expertise who can be advisors to the startups they invest in.“
Farah Ishak is a Content Writer at Halalop. She grew up in the United Kingdom where she obtained her Bachelor’s degree in Management. Later, she completed her MBA and held senior-level positions in Malaysian based MNC. She left the corporate world to be with her young kids. She is passionate about issues concerning Muslim women, Startups and Muslim businesses in general.
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