Opportunity for the next billion.


Our thinking.

By 2020, we estimate that nearly 66% of the world will be connected to the Internet via their mobile phones.

That’s an additional 2-3 billion new consumers entering the digital financial space in OIC countries. 80% of these users will come from Islamic markets.

We are creating consumer impact solutions to develop a more resilient and healthy future consumer base.

As it stands, the wider Shariah conscious market, stretching from the GCC to SE Asia, has a nascent Islamic FinTech sector.

With evolving macroeconomics, and demographic shifts towards a youthful population we are creating and defining the Islamic FinTech industry.

Our work catalyses the development of FinTech and its subsequent adoption, investment and growth.

We are facilitating the connectivity between ethical capital, entrepreneurial talent and economic opportunities by acting as a key bridge between big ideas and big businesses.

Through leveraging the resources of strategic partners we ensure initiatives have maximum public and economic impact.

This generates appropriate economic, social and financial returns for all in an ethical manner.


Capital. Advisory. X.


Finocracy Capital invests in fintech businesses and works alongside banks to operationalize these platforms in an informed, efficient and credible manner. Finocracy is aiming to roll out 15 high-impact fintech platforms by 2022. The objective is to open up access to 10 million underbanked consumers for its clients.


Finocracy Advisory works with leading organisations across the globe – advising and executing on strategic initiatives ranging from a global hackathon series with multiple stakeholders, to conceiving a liquidity management tool for a leading GCC private equity company.


Finocracy X is the moonshot arm of Finocracy, incubating and launching high-impact projects with world-class partners. Example projects include www.humancrescent.org, a strategic giving platform that lends voice and support to displaced people worldwide in partnership with The Global Fund and Awakening Media.


Our team.

Managing Director, Finocracy Capital

Mohammad Raafi Hossain
Managing Director,
Finocracy X

Mohammad Raafi Hossain is a serial entrepreneur from Silicon Valley. He is a graduate in Economics from University of California, Berkeley and a former Master’s student in Sustainable Development from Harvard University.

Mohammad has led the strategy and development of several platforms, most notably Narwi.org, for which Mohammad won the 2015 Ethical Finance Innovation Challenge Award from Thomson Reuters and Abu Dhabi Islamic Bank. Narwi has gone on to raise $8 million from 175,000 people around the world and has supported the creation of 5,000 new business and 15,000 jobs in 6 countries within MENA.

Mohammad, on behalf of Finocracy, won the 2016 Social Innovation Award from the Cambridge Global Good Governance Committee in Istanbul, Turkey

Managing Director, Finocracy Advisory

Ashar Nazim
Managing Director,
Finocracy Capital

Ashar is a FinTech entrepreneur, advisor and investor. Ashar has more than 20 years of experience in the Islamic finance industry: in the profession, the industry and in regulatory capacity with the Central Bank of Bahrain.  He brings a unique track record of corporate finance, strategy consulting, performance improvement and customer experience roles that gives him a holistic understanding of digital influences driving change for his clients.

Prior to joining Finocracy, Ashar was Senior Partner and the Global Head of Islamic Banking Practice at EY and advised on setting up more than 30 Islamic financial institutions across emerging markets. During his tenor, Ashar has advised boards and senior management of Islamic banks on digital innovation, transformation and implementation. Ashar left EY in 2017 to join Finocracy, a boutique firm that focuses on implementing FinTech platforms for the Islamic finance industry. He is the co-founder of a retail banking FinTech solution with ambition to position Islamic banks at the forefront of digital marketplace. Ashar is also advising a prominent institution on equity investments in the FinTech industry in GCC. Recently, he helped assemble a consortium of Islamic banks for accelerated build-out of FinTech platforms in MENA.

Ashar is a regular speaker at influential industry forums, facilitates client strategy sessions, and has directed several thought leadership research on the integration of FinTech solutions and the Islamic banking industry.

©2018 Finocracy