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بسم الله الرحمن الرحيم
1.1 Glenn’s Grocer (“Issuer”), is a company that provides a one-stop convenient grocer offering products and fresh produce primarily targeting segments in urban areas.
1.2 Ethis Ventures Sdn Bhd (“Company”) operates an equity crowdfunding platform licensed by the Securities Commission of Malaysia, through the domain https://ethis.co/my.
1.3 The Issuer agreed to raise equity funding through the equity crowdfunding platform operated by the Company.
1.4 Mufti Yousuf Sultan (“Shariah Adviser”) has reviewed the following documents received from the Issuer in order to complete the shariah review on the fundraising campaign.
a. Pitch Deck
b. Latest Management Accounts
c. Submitted shariah checklist form
d. Signed Declaration from the Issuer
1.5 The Shariah Adviser has conducted both business activity screening and financial screening on the Issuer, as per the rulings by the Shariah Advisory Council of the Securities Commission of Malaysia. ReadMore
Octowill: Live Pitch
Join us for a conversation on this e-commerce investment opportunity with the team from Baloy and ETHIS
Saiful Amin Hassan
Investment ManagerETHIS Malaysia
Head of Investment
Founder & CEO
TheNoor is a comprehensive Islamic lifestyle super app designed to help Muslims in Malaysia and across the globe to immerse themselves in their daily activities such as listening to Quran recitations, finding surah verses, qibla direction, and checking prayer times. On top of the fundamental features expected of a Muslim lifestyle app, TheNoor also has many other various elements that allow zakat payments, global remittances, and e-commerce, among many different segments available on the app.
TheNoor team’s goal is to ensure that the app remains responsive and constantly updated while maintaining it as a user-friendly and free-to-use platform, especially when accessing its fundamental features. The app is currently available on the App Store, Google Play, and Huawei AppGallery.
1. Strong market potential
The global halal market, which includes lifestyle offerings such as halal travel, hospitality services and fashion is a huge market. The halal market represents a new economic frontier for Malaysia to continue stimulating growth in the Islamic Digital Economy.
– A trillion dollar industry with continuous disposable income growth.
The global halal market, valued at US$7.2 trillion in 2020, is supported by the fact that 66% of consumers are willing to pay more for ethical products, according to the Global Islamic Economy Indicator. A widespread increase in disposable income in leading Islamic nations like Indonesia, Malaysia, India, Pakistan, Nigeria, and Iran as a result of the global economic development, is predicted to expand the worldwide halal market in the coming years.
– Stable hyper growth market segment.
Growing at an estimated annual rate of 20%, the halal market industry is valued at about US$560 billion a year, making it one of the fastest growing consumer segments in the world. Separately, a report from Thomson Reuters projected shariah-compliant assets worldwide to reach US$3.8 trillion by 2022.
In addition, the use of mobile apps is expected to increase worldwide as the market is valued at US$106.27 billion in 2018 and is projected to reach US$407.31 billion by 2026, growing at a CAGR of 18.4% from 2019 to 2026.
– Continuous population growth.
The number of Muslims is also expected to increase by 70%, from 1.8 billion in 2015 to nearly 3 billion in 2060, according to Pew Research. For comparison, Muslims made up 24.1% of the global population in 2015, and 45 years later, they are expected to make up more than 3 out of 10 of the world’s people (31.1%).
2. The founders
The founders are highly experienced and connected industry experts, passionate and committed to turning TheNoor into the world’s largest and fastest growing Islamic lifestyle app, with the ambitious goal of establishing TheNoor as the go-to daily Islamic lifestyle app for Muslims across the globe.
Noor Neelofa Mohd Noor
CEO/ Co-Founder – A well-known and successful celebrity turned entrepreneur, with a set of prominent business ventures in beauty and fashion, including Naelofar Hijab, Beautea, Lofalens and TheNoor. She also runs the charity organisation Kasih Neelofa. She has more than 8.7 million followers on Instagram and more than 2 million followers on other social media platforms such as Twitter, Facebook, and Tiktok.
Ahmad Tajuddin Idris
Executive Chairman/ Co-Founder – A graduate of Fiqh wa Usul Fiqh, he has been the Chief Executive Officer of iMHome Property Management Sdn Bhd since 2017 and has been a Director at Pusat Perunding Haji Furada since 2018.
Mohd Izzairi Yamin
CTO/ Co-Founder – Prior to TheNoor, he graduated in Computer Science Studies, and then started working as a full time coder at an MNC company, developing vast experience in the banking and insurance industry. Since then, he has expanded his career in drone technologies with Aibotix GMBH Germany, and later started ZeptoExpress, a tech logistics company.
3. Shariah scholar advisors
TheNoor is supported by a number of prominent local and global shariah scholars. One of them is the renowned Muslim entrepreneur and thought leader, Tan Sri Dr Mohd Daud Bakar, who is also on the Board of Advisors. He is the founder and executive chairman of Amanie Group. One of its flagship companies, Amanie Advisors, operates across six global cities. Tan Sri Dr Mohd Daud Bakar currently serves as the Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, the Labuan Financial Services Authority, and the First Abu Dhabi Bank. He is also a Shariah board member of various global financial institutions, including the National Bank of Oman (Oman), Amundi Asset Management (France), Bank of London and Middle East (London), BNP Paribas (Bahrain), and Dow Jones Islamic Market Index (New York), amongst many others.
4. Strong network of affiliates and partners
Continuous expansion via partnerships
TheNoor has built a strong network of affiliates and partnerships consisting of notable industry names such as Touch ‘n Go, Bank Islam, Lembaga Zakat Selangor, Etiqa, MPH, Tabung Haji Travels, Zurich Takaful, Max Money, and King Fahd Glorious Quran Printing, among other brands.
TheNoor is spearheaded by popular entrepreneur and TheNoor cofounder Noor Neelofa as the face and brand ambassador of the app. She has been influential and a factor in the app’s strong growth in Malaysia, allowing it to build a reputation as a well-recognised brand locally.
5. Traction and performance
Since launching in January 2021, TheNoor has been downloaded 5.9 million times and has registered 2.8 million users.
TheNoor is ranked in the top 10 most used lifestyle apps in Malaysia on both the Apple and Google Play Stores.
Islamic apps help Muslims balance their hectic work schedules with their religious practices such as Quran recitations or performing zikr regularly. However, TheNoor believes there is a lack of one comprehensive app that encompasses an entire Muslim’s lifestyle in the existing market which gives them the opportunity to fill in this gap.
How ethical is the free mobile app market?
The common issue in other Muslim apps is that users are constantly bombarded with intrusive and inappropriate advertisements which diminishes the user experience. In order to maintain an ad-free app, users are usually required to subscribe to a premium plan. In TheNoor app however, while there are advertisements, none are as intrusive or inappropriate, with no subscription needed for a user to be able to enjoy a seamless experience in utilising the app.
Lack of a complete one-stop solution for Muslims
In addition, most Muslim apps in the market provide only basic features such as Quran recitations, Qibla directions and prayer times. This has motivated the founders who are users of these Muslim apps themselves, to provide an app that offers a more comprehensive Muslim lifestyle experience that offers conveniences beyond the basic features.
TheNoor is a holistic Muslim lifestyle app that provides basic features such as prayer times, Quran recitations, and Qibla directions, It also encompasses additional features such as Artificial Intelligence (AI) to improve the users’ memorization and recital skills via its ai/SmartChecker. This feature would monitor the users’ recitals and highlight any imperfections in their recitals.
Equipped with the latest technology innovation in the market
TheNoor also has a built-in fitness tracker, analytics on prayers, authentic references of Hadith Sahih, authentic du’a references, payment tools (TheNoor Pay), shariah guided travels, vetted Tabarru’ (donation) organisations, zakat payments, and collaborations with brands that offer valuable features needed in a Muslim’s daily life.
The app is here to help Muslims stay on track with their prayers and their other daily religious practices. It’s the ultimate productivity app for people who wish to manage their day so they can practice Islam with discipline amidst hundreds of distractions.
TheNoor offers an extensive list of features for the everyday Muslim.
> Prayer Times
> Quran Recitations
> Qiblah Directions
> Money Transfers
> SmartWatch with Solah Tracker
> Will & Faraid
> Qurban & Aqiqah
> Visa Prepaid Cards
> Analytics & Users Activity
> Hajj & Umrah Tracker
> Artificial Intelligence (AI) Smart Checker
Most of the core features are available for free, with no intrusive advertisements on the app. TheNoor might launch paid services in future depending on the market demand.
TheNoor’s business model is categorised into four branches :
1. Core & Financial Services
2. e-Commerce & Ads
Under Core & Financial Services, there are subscriptions, e-Wallet, zakat, tabarru’, will writing & faraid, takaful, and remittance. For e-commerce and advertising, they have NoorCommerce and Radio. They also have an extensive list of prominent partners, namely Bank Islam, Touch’n’Go, Lembaga Zakat Selangor, Tabung Haji Travel, Zurich Takaful and more. For travel, there is Noor Travels, which would manage Hajj, Umrah, and Shariah Guided Travels.
Built with completion in mind.
Though other players in the market may exist, most of these companies may somewhat cater to their consumers. With the core tenet of TheNoor centred around the building to cater to every Muslim’s needs, users can rest at ease knowing this single download point will eventually provide them access to all the latest technological advancements for free.
Leaving Beta testing and entering hypergrowth.
With the advice of industry experts, TheNoor has put together a conservative projection of what it anticipates will turn out to be a continuous profitable endeavor with this fundraising. Please note that these figures only cover its anticipated performance in Malaysia.
For people by people.
When ideating its next fundraising, TheNoor wanted to allow its devoted users of the app to become shareholders of the company. As such, its crowdfunding campaign will begin at the lowest entry level of RM 500 to allow anyone who believes in the app’s and team’s vision to also be owners of it.
Bank Islam X TheNoor
Bank Islam eyes 500,000 new customers via TheNoor app
Zurich General Takaful Malaysia Bhd X TheNoor
Zurich General Takaful Malaysia Bhd will cover the first month and subsequent two months by TheNoor. Users can continue to enjoy the personal accident coverage by Zurich General Takaful at a very affordable cost of RM1 per month after the complimentary period
TH Travel Services X TheNoor
Noor Luminous Sdn Bhd and TH Travel Services signed a Memorandum of Understanding (MOU) which would allow umrah and hajj packages to be featured on the app, making it easier for users to compare packages all under one platform.
Dubai World Expo 2020 X TheNoor
Expo 2020 Dubai: The Malaysian Companies Ready to Break into The Global Islamic Fintech Market
From 9 to 15 January 2022, Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency, will be leading a delegation of 20 Malaysian companies to Expo 2020 Dubai as part of the Malaysia Digital Economy week. These include companies from Malaysia’s thriving Islamic FinTech industry.
Another Islamic fintech player set to break onto the global stage is TheNoor, the brainchild of actress and entrepreneur Noor Neelofa Mohd Noor. The app allows users to keep track of prayer times and listen to verses from the Quran. It also functions as a Qiblah finder and as an eWallet. TheNoor recently partnered with Tabung Haji Travel & Services Sdn Bhd to offer shariah-compliant travel and holiday services.
Noor Neelofa Mohd Noor (33, Malaysian).
Ahmad Tajuddin Idris (41, Malaysian).
Executive Chairman/ Co-Founder
Mohd Izzairi Yamin (38, Malaysian).
- Company Name: Noor Luminous Sdn Bhd
- Date of Incorporation: 17/07/2020
- Company Registration Number: 202001019111 (1375431-M)
TheNoor is a comprehensive Islamic lifestyle super app designed to help Muslims worldwide to perform their daily religious activities, such as listening to Quran recitations, finding surah verses, qibla direction, and checking prayer times. Besides this ,TheNoor also has many other features such as zakat payments, global remittances, and e-commerce.
The Noor believes there is a lack of one comprehensive app that encompassess an entire Muslim lifestyle in the exisitng market allows them to fill in this gap. While there are other apps for Muslim, the common issue that exits in other Muslim apps is the fact that users are constantly bombarded with intrusive and inappropriate advertisements and in order to enjoy an ad-free app, users are usually required to subscribe to a premium plan.
In TheNoor app, however, while there are advertisements, it is not intrusive or inappropriate and it’s all provided for free. In addition, while most Muslim apps in the market provide only basic features such as Quran, TheNoor app offers a more comprehensive features for the benefits of all.
TheNoor app provides all the basic features such as prayer times, Quran recitations, Qibla directions besides other features such as built-in fitness tracker, analytics on prayers, authentic references of Hadith Sahih, authentic du’a references, payment tools (TheNoor Pay), shariah-guided travels, vetted Tabarru’ (donation) organizations, zakat payments, and collaborations with brands that offer valuable features needed in a Muslim’s daily life.
The app is here to help Muslims stay on track with their prayers and other daily religious practices. It’s the ultimate productivity app for people who wish to manage their day so they can practice Islam with discipline amidst distractions.
TheNoor also will launch more exciting features such as Artificial Intelligence (AI) to improve the users’ memorization and recital skills via its ai/SmartChecker.and other financial services products.
The founders of TheNoor , led by Hjh Noor Neelofa , Hj Mohd Izzairi and Dato Hj Ahmad Tajuddin are highly experienced and connected industry experts who are passionate and committed to turning TheNoor into the world’s largest and fastest growing Islamic lifestyle app.
TheNoor is supported by several prominent local and global shariah scholars. One of them is the renowned Muslim entrepreneur and thought leader, Tan Sri Dr Mohd Daud Bakar, also on the Board of Advisors. He is the founder and executive chairman of Amanie Group. One of its flagship companies, Amanie Advisors, operates across six global cities.
TheNoor intends to expand its digital footprint beginning with South East Asia, targeting the Indonesian and Brunei markets within the next three years. On the long-term horizon, TheNoor intends to penetrate the Middle East, Europe and the US market.
By listing on Ethis for crowdfunding, anybody, be it the users of our app, Venture Capitalists, Angel Investors can also participate in the fundraising exercise and become shareholders in TheNoor. This includes our nearly 3 million users of TheNoor.
Though there many Muslim apps locally and globally, TheNoor differentiates itself by having a robust revenue driven products and services and a very low customer acquisition due to the influence of one of our founders, Neelofa with her nearly 9 million followers on Instagram.
The exit strategy for TheNoor would be the way of Initial Public Offering in 5 years depending on the valuation of the company or a Merger and Acquisition at a minimum price of USD 192.8 Mil (RM 858 Mil). TheNoor will also apportion an amount from fund raised to execute share buyback exercises in subsequent fundraising rounds for any investor who wants to exit earlier than our public listing and IPO exercise.
TheNoor is hoping for a 20X multiplier from our current valuation for our IPO/M&A exercise. With the current valuation at USD 9.64 Mil (RM 42.9 Mil), TheNoor aims for the lowest exit of USD 192.8 Mil (RM 858 Mil) within the next 5 to 7 years. Aside from this, investors will also get up to a 15% dividend payout based on the company’s Net Profit yearly.
TheNoor can’t guarantee any return on the investment. However, TheNoor intends to use the amount raised to invest in the right people and talent by bringing in the industry and field leaders, just as TheNoor have obtained the right board of advisers and our vetting and approval team for all content in the app today.
TheNoor will provide a quarterly update to investors on all the new features, activities, key metrics, and financial performance TheNoor has achieved and compare it against the key targets set. Yearly, you would also receive the company’s audited reports.
Shariah advisory firm Adl Advisory has also produced an official shariah pronouncement letter to confirm the shariah status of this deal. View it here.
For more information on TheNoor, please visit the links below:
Download the app on Apple App Store and Google Play:
Ethis Malaysia does not provide any investment advice. All information is provided to help users of our platform make informed decisions. Users must rely on their due diligence before investing in any campaign hosted on our platform or raising capital on our platform. If in doubt, please seek the advice of an independent financial advisor. For further explanation, kindly refer to our risk statement page.
“No shares will be allotted or issued based on this document after six months from the closing of the offer period.”
“This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.”
“This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fundraising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.”
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