After almost two years since its inception, Austin-based HalalSky is finally operational, and will soon open its offerings to the wider public.
The Texan real estate crowdfunding platform has so far been involved in private placement deals but is now ready to meet the demand of new investors after months of due diligence ensuring compliance with state and federal securities law.
“As you can imagine, it take a lot to get through the volumes of compliance, Securities and Exchange Commission and regulatory laws,” explained Naeem Randhawa, the founder of HalalSky in an email. “The JOBS Act was a historic event that for the first time in history, allows all of us to participate in the kind of deals that only the ‘Big Boys’ played before – it does, expectedly, come with miles of red tape to get through!”
The platform will start with three investment opportunities – all focused in the state of Texas initially. Naeem’s strategy is two-pronged: buy-to-let and buy-to-flip, beginning with single family properties and to eventually include multi-unit and commercial assets in the near future.
“I’m meeting with attorneys, real estate brokers, my employees every day, and we’re racing to the finish line. We have some amazing deals already lined up, and we’ll be sharing all the details in the coming weeks,” said Naeem.
The firm under the guidance of a three-member Shariah board has developed an end-to-end Shariah compliant model, which Naeem previously said does not touch Riba. “One of the big risks and what gets investors in trouble is leveraged capital — we avoid that through a cash-based network. All of the capital is held in zero-interest bearing trust accounts, and meets the criteria of the Shariah board.”