Investment Memorandum · 2025

The Muslim economy
is worth $2.43 trillion.
We're building its software.

Miyar Ventures builds and operates consumer products for the global Muslim economy. Each product is structured without riba, governed by Shariah principles, and built to compound on the one before it. We are meeting with a small number of aligned investors over the next 60 days.

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Deal terms · Pre-seed Equity
Raising
$2.5M
Pre-seed equity · Shariah-compliant
Pre-money valuation
$7M
4 live products in market
Equity offered
26.3%
Post-money: $9.5M
Return model
Dist.
Annual profit distributions. Exit options open at any stage.
This round closes in 60 days. First meetings are available immediately upon request.
01

A $2.43T market with a structural software gap

The global Muslim consumer economy is larger than the GDP of France, and it is growing faster. The software serving daily Muslim life was built for someone else, optimised for someone else, and monetised against the values of this community. This is not a niche opportunity. It is a generation of category-defining companies waiting to be built on the right terms.

2B
Muslims worldwide. Twenty-five percent of humanity, median age 24. The youngest major demographic on earth.
$2.43T
Muslim consumer spend in 2023, projected to reach $3.36T by 2028.
↑ 6.7% CAGR
$4.93T
Islamic finance assets, on track for $7.53T by 2028.
Fastest-growing emerging asset class
$327B
Modest fashion economy
↑ 5.8% CAGR
$217B
Muslim-friendly travel
↑ 12.1% CAGR · fastest growing segment
$260B
Media & recreation
↑ 5.3% CAGR

Source: DinarStandard State of the Global Islamic Economy Report 2024/25 (11th annual edition)

"The most important consumer software of the next generation will be built for people whose lives are organised around prayer, family, and the hereafter."

Zeshan Ahmad · Founder, Miyar Ventures

02

Why this is structurally difficult to replicate

Every serious investor asks the same question: what stops a well-funded startup or a large incumbent from doing this? Three things, and they compound on each other.

Trust cannot be purchased
Muslim consumers are acutely sensitive to inauthenticity. Products built by operators who share the values and answer the support inbox themselves earn a kind of trust that no marketing budget can replicate. Incumbents simply cannot buy their way into this relationship.
Compounding shared infrastructure
Every Miyar product inherits the same identity, payment, compliance, and engineering rails. Build cost drops with each new venture. A portfolio that compounds on itself cannot be retroactively assembled by a competitor starting from Layer 01.
Shariah compliance is foundational
This is not a certification bolted on after product-market fit. Every revenue model, data architecture, and vendor relationship is designed from the outset to be compliant. A competitor entering this market later would need to retrofit compliance across their entire stack at significant cost and delay. Building it first, and building it right, is the sequencing advantage that cannot be caught up to quickly.
03

The operator behind the portfolio

Miyar is not a fund run by outsiders deploying capital into a community they researched. It was built by a Muslim engineer who spent two decades inside the infrastructure of large institutions, then turned that experience toward a market he has always been part of.

ZA
Zeshan Ahmad
Founder & Operator · Miyar Ventures
SAFe Certified · 19+ years enterprise software leadership
British Columbia, Canada
Zeshan is a senior enterprise software leader who spent nearly two decades shipping mission-critical systems for governments, universities, and Fortune 500 companies across Canada, the US, and the Gulf. His work ranged from a $10M+ Boeing supplier network serving 10,000 companies across 50 countries, to a $4M Workday integration program for 65,000 university users, to an $8M BC government digital transformation delivered 15% under budget and two weeks ahead of schedule.

Miyar did not begin with a pitch deck or a thesis memo. The decision formed quietly, over years of building software that worked flawlessly for everyone except the people Zeshan knew best. The firm's name is the standard he holds every product to. If it cannot be built to that standard, it does not ship.
19+
Years software leadership
$15M+
Programs delivered
65K+
Users served across programs
4
Boeing awards
SAFe Certified Azure DevOps Ministry of Transportation BC University of British Columbia Boeing Canada University of Washington Canadian Tire Pacific Blue Cross
References available on request
Senior stakeholders at Boeing Canada, the University of British Columbia, and the BC Ministry of Transportation are available as professional references. Full background documentation is in the investor data room.
04

Where we stand today: four products built, one in active beta

We are pre-revenue. We say that plainly because the right investor understands what it means: a lower entry price, meaningful equity, and the chance to join before the growth capital changes the terms. All four products are built and operational. HalalVPN is in active beta with 500 testers. Wasiyyah, Barakah Pantry, and MirajSIM are complete and awaiting their first marketing spend. The infrastructure is done. The capital is the unlock.

HalalVPN · first live product
500
Active beta testers. Sought us out. Zero paid acquisition.
For a privacy product in a trust-first, word-of-mouth community, 500 engaged beta testers is a meaningful signal. These are people who actively sought us out, installed the product, and stayed. No paid acquisition has been applied. This raise is what changes that.
Three products built and ready. No revenue applied yet.
Wasiyyah
Live · Pre-growth
Islamic estate planning drafted to fiqh, legally recognised in jurisdiction. Document fee + annual safekeeping.
Barakah Pantry
Live · Pre-growth
Verified halal groceries with full supply-chain provenance. Basket margin + premium membership model.
MirajSIM
Live · Pre-growth
eSIM and travel companion purpose-built for Muslim travelers covering Hajj, Umrah, and everyday travel. Data plans with Hajj and Umrah seasonal bundles.

Nine ventures. Nine layers of Muslim life. One firm that builds, owns, and operates them.

The Miyar Portfolio Model

05

The full portfolio: nine ventures across nine layers of Muslim life

This raise funds the four live products. The remaining five are scoped, sequenced, and funded from operating cash flow as the portfolio matures, each one compounding on the infrastructure built by the ventures before it.

Venture Status Product & category Revenue model
HalalVPN
Layer 01 · Identity & Privacy
 Live · Beta Muslim-owned internet security. Private, transparent, zero surveillance advertising. 500 active beta testers and growing. The first line of digital dignity. Monthly / annual subscription. Family plans. Target: $4.99–$9.99/mo.
Wasiyyah
Layer 02 · Inheritance & Estate
 Live Digital Islamic estate planning drafted to fiqh and legally recognised in your jurisdiction. Inheritance handled properly, once. Document fee (one-time) + annual safekeeping subscription.
Barakah Pantry
Layer 03 · Provision & Nutrition
 Live Verified halal groceries with full supply-chain provenance, not just a sticker. Trusted from source to door. Basket margin + premium membership. Recurring delivery model.
MirajSIM
Layer 04 · Travel & Connectivity
 Live eSIM and travel companion for the Muslim traveler covering Hajj, Umrah, and every journey in between. Prayer times, qibla, halal dining, and connectivity in a single product. eSIM data plans. Hajj/Umrah seasonal bundles. Volume partnerships.
Nurah
Layer 05 · Women's Health
 Coming Femtech built with and for Muslim women. Cycle tracking, fertility, and faith in one place, with both modesty and medical rigour. Subscription. Telehealth upsell.
Timarah
Layer 06 · Modest Fashion
 Coming Modest-first commerce layer for the $327B modest fashion economy. Curated, globally sized, ethically sourced. Marketplace take rate. Brand partnerships.
Halal Commerce
Layer 07 · Verified Goods
 Coming Marketplace infrastructure for halal-verified products beyond food: cosmetics, pharmaceuticals, and home goods. B2C and B2B wholesale rails. Listing + fulfilment fees. Certification revenue.
Zakat & Sadaqah
Layer 08 · Giving & Wealth Purification
 Coming Transparent, calculated giving built as a product. The third pillar of Islam running as smoothly as a bank transfer. Automated nisab calculation and verified distribution. Platform fee on distributions. Institutional zakat contracts.
Sovereign Cloud
Layer 09 · Data Foundation
 Horizon An Ummah-owned data and cloud layer where every venture above lives, beyond the reach of any single jurisdiction. Infrastructure-as-a-service for the Miyar ecosystem.
06

Why $7M pre-money: argued on three independent bases

We do not assert a valuation and ask you to accept it. We build the case from three independent directions. Push back on any of them and we will show our working.

Replacement cost basis
Four distinct consumer products with live code, active users, and operational infrastructure. The replacement cost of equivalent engineering, design, Shariah compliance review, and domain expertise at market rates substantially exceeds the raise amount alone. You are buying into four built things, not four ideas.
Comparable basis
Early-stage consumer software in Muslim-economy verticals has raised seed rounds at $5M–$15M pre-money on similar or lesser product maturity. Comparable raises include Wahed Invest and halal commerce platforms in the GCC and SEA markets. We are at the low end of this range with more products built.
Portfolio discount basis
$7M across four live products implies under $1.75M per venture, in a market projected at $3.36T by 2028. A single product at comparable stage in a consumer SaaS vertical would command this valuation on its own. The portfolio discount is the investor entry advantage.
07

How investors make money: distributions and exit pathways

Returns come primarily from profit distributions as the portfolio scales. We are structurally open to exit options at any point that makes sense for investors, including secondary sales, strategic partnerships, or acquisition of individual ventures. The projections below are conservative scenarios built on stated assumptions and are not a forecast.

Bear scenario
Year 3
$180K ARR
Year 5
$650K ARR
Year 10
$2.1M ARR
One product reaches product-market fit at 0.5% addressable penetration with modest acquisition efficiency. Distributions begin once the product reaches operating profitability.
Base scenario
Year 3
$960K ARR
Year 5
$3.8M ARR
Year 10
$14M ARR
Four products scaled. HalalVPN reaches 2% penetration across North America and the UK. MirajSIM captures 1.5% of the Hajj and Umrah travel market. Distributions begin in year 3.
Bull scenario
Year 3
$2.4M ARR
Year 5
$9.2M ARR
Year 10
$38M ARR
GCC market entry by year 2. MirajSIM captures 5% of the Hajj eSIM market. Wasiyyah is adopted by three or more Islamic finance institutions.

All projections are illustrative scenarios based on stated assumptions and are not a guarantee of returns. The full financial model is available in the investor data room.

08

Use of funds: $2.5M allocated entirely to scaling what already exists

Every dollar goes to scaling what is already built. No spend on building from scratch. Detailed budget and headcount plan available in the data room.

Engineering, infrastructure & platform hardening (2 senior engineers + cloud)
36%
Growth, community acquisition & paid marketing across 4 products
26%
Operations, legal & Shariah advisory board constitution
18%
Customer support, trust & community management
12%
Operating reserve + community giveback seed (10% of profit)
8%
Total raise
$2,500,000
09

Shariah governance

For a Muslim investor, this is not a checkbox. It is the entire reason the firm exists. Every product is designed from the ground up to be compliant, not certified after the fact.

Shariah Advisory Board · Constituting Now

The investment structure, product architecture, and revenue models are designed riba-free throughout. No interest-bearing instruments. No surveillance advertising. No speculative trading. These are not policies that can be quietly amended. They are structural constraints written into the founding documents.

We are actively constituting an independent Shariah advisory board with scholars holding recognised credentials in Islamic finance. We welcome introductions from investors with connections to AAOIFI-aligned scholars, ISRA-affiliated institutions, or recognised Islamic finance supervisory boards in Canada, the UK, GCC, or Malaysia.

Full Shariah compliance documentation, product-level fiqh review notes, and advisory board constitution progress are in the investor data room.

10

Our standing commitments

Structure
Riba-free throughout. No interest-bearing instruments. Fully Shariah-compliant investment structure, reviewed independently. We do not touch what we would not use ourselves.
User data
Not sold. Not shared. Not monetised through surveillance. Users own their data. This is a contractual commitment, not a line in a privacy policy.
Exit posture
We distribute profits annually as the portfolio scales. We actively support exit options whenever it makes sense for investors, including secondary sales, single-venture acquisitions, and institutional partnerships. Investors set their own timeline.
Community
10% of annual operating profit is returned to the Ummah, calculated transparently, distributed to verified recipients, and reported to every investor annually. This is written into the founding documents, not offered as a pledge.
This round closes in 60 days

If this is the kind of firm
you have been waiting to back,
now is the moment.

We are meeting with a small, carefully chosen group of investors this quarter. Family offices, Muslim-economy principals, and values-driven angels who see what we see: that the defining Muslim consumer products of this generation will be built by people who are genuinely part of the community, not observing it from the outside.

Founding round · Limited allocation · 60-day window

contact@miyarventures.com
01
Send one email
Write to contact@miyarventures.com with your name and a line about your interest. That is all we need to begin.
02
Receive the data room
Within 24 hours: full financial model, product demos, founder background, legal structure, and Shariah compliance documentation.
03
Book a 30-minute call
A direct conversation with Zeshan. The operator who built this, available to answer every question. No intermediaries.
This document is prepared for qualified investors only and does not constitute an offer of securities in any jurisdiction. Financial projections are illustrative and are not a guarantee of returns. Shariah compliance is under independent review.