Q&A with Econommi’s Founder

Published on
August 25, 2022

If you missed the webinar with Hudhaifah, CEO of Econommi,  we’ve summarized some vital information about Econommi in a Q&A session with Hudhaifah.

Hudhaifah, great to speak to you again. Can you summarise what Econommi actually does?

Sure thing, Econommi is a company based in Vancouver. We are working to transition from a debt-based economy to an asset-based economy to get rid of riba and replace it with a tokenized asset model. We partner with car dealerships to offer leasing solutions to our customers. We fully embody the principles of ijarah in our model. Our technologies and automation make it super easy and transparent for others to participate with us and invest in the leases. We are fully aligned with Maydan and provide the Ummah with true alternatives to riba.
Only 20% of our customers are Muslim, which is a testament that everyone can benefit from halal. We are busy deploying funds, and we can include you in our journey.

How do you plan to use the funds?

So, we are planning to use the funds for our growth, and we've passed our validation stage (see traction here on maydancapital.com/invest/econommi). We understand that there is a need for our model in the world. We have a line-up of car dealerships and a waiting list of investors. We use the fund efficiently to acquire some inventory, boost our growth and satisfy our customers by providing them with what they need.

What's been your proudest achievement at Econommi?

It's the numbers and the people we have grown with over the past one or two years. It's been amazing to see people from all backgrounds improve themselves and provide that experience to our customers and our business.

What are the assets you can add the Econommi tokenization to?

Tokenization in its current form can be applied to any asset form, such as machinery, houses, and planes. We have the airmodity and seamodity domains. Beyond that, we can even work on tokenizing revenue for the business, we've been working with Maydan closely to ensure it's halal, and we can continue building out our offerings.

Why is it essential to ensure that Econommi is halal and stays halal?

I've spent a lot of time from high school to now trying to prove that the Islamic economic model works and is more robust than we currently have. In school, I'd been researching it, and I've realized that it will take many years to collect the data required and prove certain things like how zakat is beneficial for equality and how riba is worse than climate change. The climate change process is a long time coming, and people have been talking for a long time to prove it.

I want to see what I can do to prove that the Islamic model works from a company perspective. Many people are already writing about Islamic finance, and we need to make that theory to life from a bottom-up perspective.

At Maydan, we are keen to offer Muslim founders Shariah-compliant finance. Why is this important to you?

Our success is the success of all Muslims, especially in the cutting edge of finance, technology, blockchain and tokenization. I understand there is some potential hesitation with cryptos even being used in nefarious ways. Suppose we are not here and innovating and showing people how it's done, then who else is going to? So, we need to have Muslims on our side, working with us to make the best of a whole new world.

Does Econommi have any overlap with Web 3 or blockchain?

So, we are very much inspired by web 3 and blockchain. Our tokens are not currently on the blockchain, but we are working on getting them ready and available to move to the blockchain and is exciting the prospect of having a fully transparent system, and it's just very aligned with the principles of the Shariah, and we have the opportunity to build it right here.

There is still time to join Econommi in their fight against Riba.

Equity investments are not readily realisable and involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and it should be done only as part of a diversified portfolio. Investments of this type are only for investors who understand these risks. You will only be able to invest in the company once you have met our conditions for becoming a registered member.

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Maydan Capital Limited, trading as Wahed Ventures and/or WahedX, is registered in England and Wales (Company No. 13451691), registered office: 87-89 Baker Street, London, W1U 6RJ, UK. Maydan Capital Ltd (FRN: 963613) is an appointed representative of Wahed Invest Ltd (FRN: 833225), an authorised and regulated firm by the Financial Conduct Authority.