VC firm Gobi bullish on Pakistan's Muslim-friendly 'Taqwatech' - Salaam Gateway

KUALA LUMPUR - Shariah-compliant investors should fix their sights on Pakistan’s technology industry or risk missing the boat amid rising valuations, according to Jamaludin Bujang, managing director of venture capital firm Gobi Partners in Malaysia.
The VC that coined the term Taqwatech for Islamic-friendly investment is fresh from furthering its investment in Pakistani financial services start-up TAG this week.
Right now, says Jamaludin, Pakistani start-ups are ripe for the picking, but soon the country will follow along the path of India and China, which are now established—and relatively expensive—destinations for investment.
“Investors who have missed China or missed India, they definitely don’t want to miss Pakistan,” Jamaludin told Salaam Gateway.
Gobi, which was founded in China by Thomas Tsao, has since 2015 looked for start-ups that appeal to a Muslim market but that may not be strictly halal. Its first Taqwatech play was for online travel agency Tripfez, which merged with HolidayMe, a Dubai-based travel site and another Gobi acquisition, to form in 2018 the world’s biggest Muslim-friendly travel platform.
"Things have changed a lot in Pakistan, even since I first went there in 2018 to meet a friend who was keen to set up a fund,” said Jamaludin, referring to Ali Mukhtar, who now runs the $20 million Fatima Gobi Ventures fund from Lahore. The fund has so far made up to 15 investments in Pakistan.
“It’s only been about two years now but Pakistan’s grown a lot in...

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