US: Shariah stock screener Musaffa has an ambitious growth plan which includes procuring a registered investment advisor (RIA) license, rolling out a Halal trading platform in the GCC, and launching exchange-traded funds (ETFs) – all to be done this year, Co-Founder and CEO Dilshod Jumaniyazov, tells IFN Fintech.
“We are building an AI-powered Shariah compliant investment research platform and a fully integrated Halal trading system. Our brokerage integration already supports 1,500+ financial institutions, enabling users to sync portfolios, track Shariah compliance in real time and soon, apply Islamic ESG criteria to their investments,” Dilshod shared.
The plan is to introduce the Halal trading system to the GCC in Q3 2025, after the US-based platform has incorporated ESG screening, expected to conclude in the coming weeks.
Founded in 2020 as a platform offering Shariah screening for stocks and investment opportunities, the firm has steadily built its presence, technology and offerings and is positioning itself as a Halal investment and research platform; but, it is clear that the fintech start-up has eyes on something bigger.
Offering Shariah investment advisory services is one (through an RIA license – expected in Q3) but Dilshod also confirmed that the firm is looking to introduce proprietary Shariah compliant ETFs before the year ends.
“With users spanning across nearly every continent, we’ve seen growing demand for Halal investment solutions,” he explained.
In less than five years of operations, it has built a user base of at least 500,000 across 195 countries with over 3,600 users having linked their portfolios – worth a collective US$96 million – from existing brokerages to Musaffa, allowing them to monitor the Shariah compliance of their portfolios. Its screening universe now includes over 100,000 stocks and 9,000 ETFs.
To fuel its expansion ambitions, the firm is currently fundraising – the goal is to raise US$5 million. As of the 19th March 2025, it has secured US$272,740 from 104 individual investors since launching the crowdfunding campaign on the 1st February 2025.
Dilshod, along with co-founders Akram Jagirdar and Rashid Turaev bootstrapped the start-up with US$250,000 of their own funds but have since raised over US$4 million from investors. Monies from the latest equity funding round will go toward upgrading its technology infrastructure and expanding its product portfolio while supporting its global expansion.
