EthicB: Unlocking The Potential Of Ethical Financing In Kerala
In the changing global economy, the area of Islamic finance with a thematic approach in India is growing due to increased demand for ethical and Shariah-compliant investment options. However, in recent years, it has become clear that overcoming regulatory hurdles and raising awareness remain essential for its continued growth.
The Islamic finance industry has been active globally since the 1960s, and Kerala started witnessing its presence from early 2000s. Nevertheless, so far, practical initiatives have been less effective in India’s southern state and have failed to grow significantly enough to make a lasting impact on society. Believing they could fill the void in the current scenario, a small group of field experts came together three years ago with the aim of fostering sustainable development through ethical solutions.
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With their extensive expertise in the field, the team passionately planned and carefully structured their service, now known as EthicB.
“Whether you are navigating the intricate world of Islamic finance, seeking ethical investment opportunities, looking for innovative business solutions, or requiring expert Shariah advisory, EthicB is here to illuminate your path,” their website states.
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The company, which was registered three years ago and initially began by providing services to a limited circle, gradually recognized that a larger section of society needed their offerings.
EthicB, headquartered at Hilite Business Park in Calicut, Kerala, provides a range of services including Shariah-compliant business or product structuring, Islamic micro-finance advisory, Zakat advisory, and inheritance distribution (including Shariah and legal support).
In line with current market practices and laws, EthicB offers reliable support and sophisticated solutions, consultancy, and advisory services to help structure various business concepts in accordance with Shariah principles.
“We provide services tailored to people’s different needs and investment objectives,” said Shafeeque CP, the founder and managing director of EthicB.
EthicB engages in the micro-finance industry, taking a holistic approach to addressing savings, investments, and financial services. Their offerings range from interest-free credit through appropriate financial products to self-employment opportunities, community development projects, and managing micro-level banks.
Zakat, an obligatory donation in the Muslim community, requires a systematic and structured approach, from calculation to distribution, in the contemporary context. EthicB provides Zakat advisory services for corporate clients, companies, authorities, institutions, and high-net-worth individuals, helping them calculate their Zakat by considering different sources of income, expenditures, deductible items, and more.
Similarly, inheritance distribution is another sensitive area that the company handles well. EthicB simplifies the process by calculating the shares of each heir, estimating the market value of different properties, investments, and wealth sources of the deceased, and ensuring legitimate distribution with the support of legal and registration authorities.
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EthicB plans to expand its services into other domains in the near future.
“As many Indian Muslims are unaware of the current financial system, including the stock market, mutual funds, and other options, we aim to educate people more about the system through our services,” Mr Shafeeque said.
EthicB as Kerala’s First ethical finance and Shari’ah advisory firm, aims to show people that solutions exist for many of the challenges in the current economy.
