Whether you’re an aspirational, new or established business operating in the UK, one thing is for sure – you’ll need to find some cash to mobilise your idea and grow your business. So where do Muslim business owners turn to for Halal investment and funding solutions?
If you’re after ethical venture capital funding or Halal angel investment, you could explore organisations in Networks who might be able to signpost you in the right direction. Alternatively you can also try organisations from Services.
UK Government’s own Business Finance Support service is a useful place to visit. Note that any loans unless interest free, will usually be issued under conventional lending terms and will therefore not be Halal. You may wish to check the source of any grants as some can be issued by organisations that either conduct non-Sharia compliant activities or have raised capital through non-Halal means. If in doubt, seek clarification from an AAOIFI Certified Sharia Auditor and Advisor.
Grants are usually ethical but you may wish to verify the source of these funds and how they were generated. However, some grants may only be issued for research and development purposes, such as those administered by Innovate UK and may require private match funding.
Finally, if you can’t find ethical funds to borrow or secure investment from, a business acceleration programme might be a better option. Visit Scale-Up Institute for details about acceleration programmes offered in the UK and remember, some even provide cash to help you on your journey.