Inovatif

Category: Islamic Finance

  • StashAway launches Shariah Global Portfolios

    StashAway launches Shariah Global Portfolios

    StashAway, Malaysia’s leading digital wealth management platform, has announced the release of its Shariah Global Portfolios. These Shariah-compliant diversified portfolios have delivered back-tested returns of up to 14.4% annually over the past five years.

    The portfolios have demonstrated strong 5-year annualised composite historical returns ranging from 7.3% to 14.0% annually, positioning them competitively against conventional investment options. Built with low-cost Shariah-compliant ETFs, which have ample liquidity and low tracking errors, clients benefit from efficient execution.

    “We are proud to offer a solution that empowers more Malaysians to grow their wealth with their Shariah-compliant values. With our Shariah Global Portfolios delivering competitive double-digit returns, investors can access global growth opportunities while staying aligned to Islamic principles. We believe that the global exposure of our Shariah-compliant offerings is highly complementary to Malaysians’ core investments such as Amanah Saham Bumiputera and retirement-focused Employee Provident Fund which provide primarily domestic exposure,” said Wong Wai Ken, Country Manager, StashAway Malaysia.

    StashAway’s offering provides investors with four distinct risk levels to match different investor profiles, from moderate to very aggressive. The globally diversified portfolios offer exposure, through ETFs, to global equities, US equities, emerging market equities global Sukuk and gold, helping reduce over-concentration risk. Clients are also able to use these ETFs to build portfolios through StashAway’s Flexible Portfolios which include the asset classes listed above, alongside Silver, Bitcoin and Ethereum ETFs.

    StashAway’s Shariah-compliant offerings have been screened and certified by Masryef Advisory, a Shariah advisory firm registered with the Securities Commission Malaysia (SC). Ongoing reviews ensure portfolios remain aligned with Islamic principles, giving investors peace of mind.

    “Our partnership with StashAway reflects our shared commitment to enabling ethical, faith-aligned investing. Every ETF in the Shariah Global Portfolios has been rigorously screened and vetted based on globally recognised Shariah screening methodology. Investors can have confidence that their portfolios remain Shariah-compliant.” said Khairil Anuar, Principal, Masryef Advisory.

    This comes at a time when Malaysia’s Islamic finance sector continues to expand, with increasing investor appetite for Shariah-compliant investment products that deliver competitive returns. StashAway’s solution provides access to global markets which previously has proven difficult for individual investors to access cost-effectively.

  • SC unveils initiatives to drive adoption of Masaqid al-Shariah Guidance in ICM

    SC unveils initiatives to drive adoption of Masaqid al-Shariah Guidance in ICM

    The Securities Commission Malaysia (SC) today launched the 40 Hadiths book series on sustainability and ethical sales transactions to promote a deeper understanding of the Islamic perspective on sustainability and Islamic ethics in commercial transactions.

    The publications, launched during the 3rd SC Nadwah of Shariah Advisers in Islamic capital market (ICM) (SC Nadwah), aim to enhance industry awareness and practical implementation. They mark a significant milestone in raising industry awareness on embedding the principles of Maqasid al-Shariah Guidance (Guidance) in ICM, specifically in areas such as environmental stewardship, responsible business, and trade practices.

    The SC Chairman Dato’ Mohammad Faiz Azmi said internalising the Guidance encapsulated in these hadiths contributes to the development of a just, inclusive and sustainable economy.

    “More importantly, the SC is committed to making Maqasid al-Shariah a fundamental framework for business dealings in ICM,” he said. “The outcomes that we are witnessing today is one of the approaches towards ensuring Islamic financial products and services are designed and implemented in a way that promotes the welfare of society and the environment,’’ he added.

    The SC also announced the establishment of the Maqasid al-Shariah Task Force for ICM (MaTF), that will drive and streamline adoption of the Guidance across the Malaysian ICM. This includes identifying areas for strategic collaboration and innovation between regulatory bodies and industry players.

    Members of the task force include Bursa Malaysia Berhad, the Malaysian Association of Asset Managers (MAAM), the Federation of Investment Managers Malaysia (FIMM), Malaysian Investment Banking Association (MIBA), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), the Islamic Banking and Finance Institute Malaysia (IBFIM), and the International Council of Islamic Finance Educators (ICIFE).

    Established in 2023, the SC Nadwah serves as a convening platform for intellectual discourse on applied Shariah knowledge sharing and charting the next wave of innovative Shariah solutions among Shariah advisers and market practitioners.

    This year’s SC Nadwah brought together over 200 stakeholders from the Shariah advisory ecosystem, including policy makers, government agencies, academia, Shariah advisers, State Islamic Religious Councils, State Mufti Departments and Islamic finance practitioners.

    Speakers were renowned industry leaders in the Islamic finance space. They include esteemed Shariah scholar Sheikh Dr. Nizam Yaquby and Chairman of SC’s Shariah Advisory Council Professor Dato’ Dr. Aznan Hasan. Sheikh Dr. Nizam Yaquby, who serves on more than 30 Shariah boards globally, including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Development Bank (IDB), commended the SC’s efforts in organising the SC Nadwah.

    He said the SC should continue with this initiative, which he says is an invaluable platform for fostering strategic dialogue and knowledge-sharing in advancing Islamic finance and in facilitating the growth and readiness of the industry to navigate future challenges.

    The 40 Hadiths book series are now available for download at https://www.sc.com.my/resources/publications-and-research.

  • IFSB releases 13th edition of Islamic Financial Services Industry Stability Report

    IFSB releases 13th edition of Islamic Financial Services Industry Stability Report

    The Islamic Financial Services Board (IFSB) has released the 13th edition of its flagship Islamic Financial Services Industry (IFSI) Stability Report. This year’s report reflects a renewed momentum across the industry, with total global assets reaching USD 3.88 trillion in 2024—a 14.9% increase year-on-year.

    Themed “Navigating Shallow Waters: Addressing Structural Vulnerabilities and Shoring Up Resilience to Global Shocks,”, the report also observed broad-based growth across Islamic banking, ṣukūk, and Islamic insurance, signalling deepening market participation, growing global relevance, and broadening geographical reach.

    Key takeaways from the report includes:

    • Renewed growth momentum of the IFSI: High year-on-year growth across key sectors of the IFSI, registering double-digit growth rates. In 2024, total asset growth for the Islamic banking and Islamic insurance grew by 17.05% and 16.9% respectively, while sukuk issuances increased by 25.6%.
    • Emerging markets opening new frontiers: Africa and Central Asia posted the highest growth rates globally, representing important opportunities to deepen local financial markets and expanding the industry’s global footprint.
    • Financial soundness indicators remained broadly stable: Capital, leverage, liquidity, and asset quality positions in both the banking and insurance sectors remain broadly sound. This is reflecting the positive impact of strengthened regulatory frameworks, wider adoption of IFSB standards, and growing investor confidence.
    • While outlook remains positive, some structural vulnerabilities remain: The report underscores the need to address long-standing structural imbalances, particularly the underdevelopment of capital markets and insurance sectors, which can constrain the industry’s scalability and its ability to fully support investment, funding, and liquidity needs across sectors.
    • Critical need to address structural limitations in ṣukūk markets: A key conclusion of the report is the need to deepen ṣukūk markets, which plays a vital role in strengthening financial intermediation and supporting macro-financial stability. While 2024 saw a surge in ṣukūk issuance and growing issuer diversity, structural limitations remain, including underdeveloped market infrastructure, complex ṣukūk structures and limited local-currency sovereign issuances, investor concentration, and low trading volumes, among other factors. If unaddressed, these structural limitations may constrain the IFSI’s long-term growth and pose broader financial stability risks, while also affecting other segments of the industry that depend on capital markets to manage their funding, investment portfolios, and liquidity positions.

    The report further outlines a forward-looking set of policy priorities to address these limitations and unlock the potential growth of Islamic finance. It calls for coordinated action among regulators, policymakers, and industry stakeholders to address these challenges, to ensure the sound development of the Islamic financial services industry.

    First published in 2010, the IFSI Stability Report has become a key reference for global stakeholders, regulators, and market participants. It offers in-depth insights into industry trends, vulnerabilities, and evolving policy priorities shaping the future of Islamic finance.

    The IFSB Islamic Financial Services Industry Stability Report 2025 is now available at https://www.ifsb.org/wp-content/uploads/2025/05/IFSI-Stability-Report-May-2025.pdf.

  • Halogen Capital and Affin Bank launch Shariah-compliant Bitcoin fund

    Halogen Capital, Malaysia’s first licensed digital asset fund manager, has signed with Affin Bank Berhad (“AFFIN BANK” or “the Bank”) to distribute their Halogen Shariah Defensive Bitcoin Fund with an integrated capital preservation strategy. This innovative fund aims to provide high net-worth individuals and institutional investors with a low-risk and secure pathway to harness the growth potential of Bitcoin.

    The Fund will employ a buy-and-hold strategy that is a combination of low-risk Islamic deposits and high-growth active asset, Bitcoin. This approach ensures the portfolio value is safeguarded from significant market volatility, providing investors with both stability and potential upside.

    “The Halogen Shariah Defensive Bitcoin Fund is redefining how high net worth and institutional investors approach digital asset investments in Malaysia,” said Hann Liew, Founder and CEO of Halogen Capital. “By combining Bitcoin’s high-growth potential with a capital preservation strategy, we are providing a solution that is both innovative and practical.”

    He added: “In volatile markets, this fund acts accordingly, ensuring investors can confidently navigate downturns without compromising on long-term returns, in which we recognise the need for investors to access high-growth opportunities in the digital asset market without experiencing significant capital loss and maintaining Shariah compliance.”

    Through its distribution of the Fund on behalf of Halogen Capital, AFFIN BANK is looking to introduce a risk-managed alternative for investors, bridging the gap between traditional financial principles and the dynamic digital asset market. This Fund serves as an ideal solution for investors looking to diversify their portfolios with innovative yet secure investment options.

    Encik Mohammad Fairuz Mohd Radi, Executive Director of Group Community Banking, Affin Bank Berhad said, “We are delighted to introduce an innovative investment strategy that synergises Bitcoin with Islamic deposits, offering our customers a secure gateway to the digital asset landscape. This initiative underscores our unwavering commitment to delivering cutting-edge solutions while aligning seamlessly with the strategic pillars of the AFFIN Axelerate 2028 (AX28) Plan – Unrivalled Customer Service, Digital Leadership, and Responsible Banking With Impact.”

    The Fund is a close-ended Wholesale Fund open to sophisticated investors only. Investors are expected to have a short-medium term horizon of two years.

    The Fund’s initial minimum investment is RM 10,000 with an initial sales charge of up to 2% and annual management fee of 1%.

  • microLEAP Strengthens MSME Support Through SC’s Sarana Scheme

    microLEAP, a Securities Commission (SC)-registered P2P financing platform participates in the newly launched Sarana alternative financing scheme and is scaling its efforts to empower Malaysia’s micro, small, and medium enterprises (MSMEs) and small contractors by offering innovative Shariah-compliant financing options.

    In 2024, 207 out of 208 investment notes issued by microLEAP were fully Shariah-compliant, underlining its commitment to promoting ethical, sustainable, and transparent financing solutions.

    Through the Sarana financing scheme, microLEAP leverages on technology to offer SMEs and government contractors faster, more flexible financing options, such as invoice financing and contract pre-financing, enabling businesses to meet their working capital needs effectively.

    With RM125 million in financing disbursed in 2024 alone, marking an exceptional 101% year-on-year growth, microLEAP’s impact on the SME landscape is undeniable. Tunku Danny Nasaifuddin Mudzaffar, Founder & CEO of microLEAP, emphasised the critical role of alternative financing in building resilience within Malaysia’s SME sector.

    “SMEs are the backbone of Malaysia’s economy, but many still face barriers to securing the capital they need to grow. Platforms like microLEAP are not just filling a gap, but transforming the way businesses access financing. Through Shariah-compliant and online solutions, we are fostering a more inclusive financial ecosystem that drives sustainable growth,” said Tunku Danny. “Through the Sarana scheme, we’re not just providing financing—we’re empowering businesses to grow, scale, and compete in an increasingly demanding environment. Invoice financing, in particular, is a game-changer for SMEs and contractors. It turns their unpaid invoices into immediate cash flow, ensuring they have the working capital needed to fulfil contracts, pay suppliers, and seize new opportunities.”

    microLEAP’s innovative approach is built on a foundation of robust risk management, ensuring the confidence of both borrowers and investors. The platform achieved a default rate of just 0.63% in 2024, a 41.1% improvement from 2023, reinforcing its reputation for reliability. Meanwhile, investor confidence surged, with a 61.2% increase in new investors joining the platform last year.

    As the only P2P financing platform with offices in Sabah, Sarawak, Johor, Penang, and Perak, microLEAP ensures SMEs across Malaysia can access financing tailored to their needs, regardless of location. This strategic reach is critical to advancing financial inclusion, particularly in rural areas, where businesses often struggle to secure funding.

  • ANGKASA and Zurich Takaful launch MyANGKASA Plus Protection Scheme

    ANGKASA and Zurich Takaful launch MyANGKASA Plus Protection Scheme

    ANGKASA, through its subsidiary MyANGKASA Holdings Sdn. Bhd. (MHSB), in collaboration with Zurich Takaful Malaysia Berhad and Zurich General Takaful Malaysia Berhad (collectively referred to as Zurich Takaful) has launched the MyANGKASA Plus Protection Scheme. This value-added product, which is part of ANGKASA’s Cooperative Credit System, is designed to enhance service quality, particularly for cooperatives and companies involved in the financial sector.

    ANGKASA President, Datuk Seri Dr. Abdul Fattah Abdullah, highlighted that the MyANGKASA Plus Protection Scheme serves as an affordable mechanism offering comprehensive protection for over 7.2 million cooperative members.

    “The scheme’s primary objective is to provide financial protection for cooperatives, companies, and members who finance loans through cooperatives or companies using ANGKASA’s Salary Deduction System (SPGA), in case of unforeseen events affecting borrowers,” he explained.

    “This scheme not only offers financial assistance to borrowers during disasters but also protects financiers by covering their financing to reduce risks of non-payment and arrears. Additionally, MyANGKASA Amanah Berhad, ANGKASA’s trust management arm, will act as the trustee and manager of the project through trust deeds signed by clients,” he added.

    “ANGKASA assures that the scheme will be managed with proper governance to ensure benefits are delivered directly to beneficiaries, along with additional protection features such as hibah (gifts), wasiat (wills), and inheritance management. This initiative sets itself apart from existing market products, offering unique advantages. Our collaboration with Zurich Takaful as a strategic partner is based on their proven excellence in management capabilities, service efficiency and claims payment reliability,” said Datuk Seri Dr. Abdul Fattah Abdullah during the launch of MyANGKASA Plus Protection Scheme at Wisma Ungku A. Aziz.

    Shamsul Azman, CEO of Zurich General Takaful Berhad, added, “In addition to benefits for death and permanent disability, Zurich Takaful also offers takaful protection for Involuntary Job Loss due to accidents.”

    Nur Fatihah Mustafa, CEO of Zurich Takaful Malaysia Berhad, highlighted that the MyANGKASA Plus Protection Scheme offers comprehensive coverage for both natural and accidental causes, ensuring that cooperative members are protected 24/7 worldwide against unforeseen circumstances.

    “This initiative is also in line with our brand ethos to ‘Care For What Matters,’ reflecting our ongoing commitment to safeguard Malaysians and empowering them to live confidently while striving for a brighter future” she added.

     

  • Borong Joins Forces With Maybank Islamic For Malaysia’s First B2B Halal Marketplace

    Borong Joins Forces With Maybank Islamic For Malaysia’s First B2B Halal Marketplace

    KUALA LUMPUR, 28 OCTOBER 2024 – Borong — Malaysia’s leading wholesale business-to-business (B2B) e-commerce and marketplace solution provider — has launched Salaam Market, the country’s first digital retail platform of its kind, in collaboration with Maybank Islamic, marking a significant step forward in positioning Malaysia as a leader in the international Halal industry. Salaam Market is designed to empower local SMEs by integrating Halal certification support and financial services, paving the way for these businesses to navigate the complex Halal market and expand their reach internationally. 

    This concept offers a seamless digital solution for sourcing Halal-certified products at competitive prices, directly connecting SMEs with suppliers. Fundamentally, the platform helps SMEs in Malaysia, Indonesia, Cambodia, and Singapore to facilitate Halal transactions. With no minimum order requirements and direct access to certified Halal ingredients, the marketplace aims to reduce costs and increase convenience for SMEs. 

    The global Halal market is set to grow to US$5 trillion by 2030, with domestic growth estimated to reach US$113.2 billion. Yet, SMEs entering the space face challenges like high ingredient costs, complex certification, and limited access to working capital, slowing their growth. 

    “For us, this initiative represents a significant step in modernising the Halal market,” said Aizat Rahim, managing director and co-founder of Borong. “Not only Salaam Market aligns with the country’s goal to become a global leader in Halal compliance, we also worked hard to ensure it addressed the key challenges for SMEs, which are affordability, financing, and certification, through the support of Maybank Islamic’s financing solutions while also being supported by JAKIM’s Halal certification.” 

    The partnership with Maybank Islamic will connect Borong’s SME businesses to tailored Islamic financial solutions, alongside in-house Halal facilitation guidance, coupled with digital document management tools, facilitating easier access to Halal markets both locally and internationally.

    “Salaam Market will connect buyers and sellers in an e-commerce platform to make online transactions seamless. Each product sold on the platform has been verified of its Halal authenticity to give assurance to buyers. This is one of Maybank Islamic’s Halal beyond banking solutions to serve the needs of our customers and we will continue to strengthen our Halal ecosystem propositions to support the national agenda of growing the Halal domestic market to an estimated USD113.2 billion by 2030,” said Maybank Islamic Strategic Programme Director, Dr. Muhd Ramadhan Fitri Ellias.

    For more details and to explore the full range of certified Halal products, visit the Salaam Market platform at www.salaammarketmy.com/my 

     

  • INSUREKU USHERS IN A NEW ERA FOR MALAYSIAN INSURANCE AND TAKAFUL WITH DIGITAL-FIRST AGGREGATION SERVICE, LAUNCHING WITH TRAVEL COVERAGE

    INSUREKU USHERS IN A NEW ERA FOR MALAYSIAN INSURANCE AND TAKAFUL WITH DIGITAL-FIRST AGGREGATION SERVICE, LAUNCHING WITH TRAVEL COVERAGE

    Kuala Lumpur, Malaysia, 10 October 2024 – insureKU, a brand under leading listed local technology company, Censof Holdings Bhd (“Censof”) and Malaysia’s first true end-to-end digital insurance and takaful aggregation platform, has officially launched its consumer-focused platform with a selection of curated travel related solutions. 

    insureKU is redefining how Malaysians access and manage their insurance needs, starting with the convenience of securing travel coverage from digitally-forward insurance providers. This is part of its larger aspiration of a comprehensive expansion into general, life, and medical insurance in the coming months.

     

    “We are challenging what the idea of insurance – how you research, understand, compare, and make an informed purchase – looks like. For too long, consumers have been faced with confusing, difficult to navigate, and unnecessarily costly insurance and takaful buying decisions, even with seemingly less complex types of insurance like travel coverage. With insureKU, we are democratising the entire

    process, making it easier for consumers to understand and compare what they are buying, and then making informed decisions on which insurance provider they want to work with,” said Shadhana Sekaran, co-founder and Chief Executive Officer of insureKU. 

    Choosing travel insurance as its debut product offering, insureKU has built a consumer-focused offering that identifies, addresses, and solves the pain points that consumers associate with understanding, selecting, picking and eventually purchasing the insurance and takaful products that their travel needs demand. 

    With insureKU’s tailored travel insurance options, Malaysians can better safeguard their journeys immediately in a matter of minutes, and manage potential risks such as trip cancellations, medical emergencies, lost luggages, delays and much more. 

    insureKU is a product of Censof Maal Sdn Bhd, a subsidiary of the leading financial management software solutions provider, Censof. It aims to revolutionise how Malaysian consumers access and benefit from their insurance policies by leveraging its technological capabilities and the collective knowledge and experience of insureKU’s founders and Censof’s technology development, system experience and regional reach. Through this process, savings from insurance companies are also passed back to consumers, leading to better real-world prices for products and services in a single website as well. 

    A Seamless and Consumer-Centric Experience 

    insureKU leverages cutting-edge technology to provide a comprehensive and personalised experience for users. The platform allows customers to compare travel insurance policies from a wide range of top insurance providers, ensuring they find the best coverage that suits their needs. With a focus on simplicity and user-friendliness, insureKU enables users to purchase policies in just a few clicks, offering instant access to coverage details and support. 

    “Our goal is to empower Malaysians to make informed decisions about their insurance needs, starting with travel coverage,” added Shadhana. “We are committed to simplifying the insurance process, making it more transparent, and providing consumers with the tools they need to protect themselves and their loved ones when travelling.” 

    Looking Ahead: Expanding Insurance Offerings 

    Among the earliest authorised participants under Bank Negara Malaysia’s Financial Technology Regulatory Sandbox, insureKU is setting a new standard for what is undeniably a critical area for many consumers – financial planning for their future. 

    While travel insurance is the first product available on InsureKU, the platform is designed to accommodate a wide range of insurance needs. Over the coming months, InsureKU will introduce

    additional insurance and takaful products, including life, general, and personal accident. This phased approach ensures that consumers can gradually familiarise themselves with the platform while gaining access to a broader selection of insurance products. 

    “InsureKU is not just a platform for purchasing travel insurance – it is the beginning of a new era in how Malaysians interact with insurance,” explained Ashveen Chakravarthy, Chief Operating Officer of InsureKu. “As we expand our offerings, our vision is to create a one-stop solution for all insurance needs, where consumers can easily compare, select and purchase their policies online.” 

    insureKU has been under development and testing for the past 6 months since its entry into the Sandbox. Incubated within Censof, it is today, the first native end-to-end industry integrated insurance and takaful aggregation and solutions platform in the country. 

    For more information and to explore insurance options, a visit to www.insureku.com promises valuable insights and resources. 

     

  • Ouch! Secures RM5 Million Amid Extended BNM Sandbox Approval

    Ouch! Secures RM5 Million Amid Extended BNM Sandbox Approval

     

    KUALA LUMPUR, XX October 2024 – Malaysia’s pioneering digital takaful operator — Ouch! — has successfully secured RM5 million in its recent fundraising round from PPB Ventures Sdn Bhd (PPB Ventures). Alongside this financial boost, Ouch! has also received an additional 1-year extension to operate under Bank Negara Malaysia’s (BNM) Regulatory Sandbox, strengthening its goal to provide accessible takaful solutions. PPB Ventures joins a long line of Ouch!’s key investors including OSK Ventures, RHL, and Vynn Capital in the company’s efforts to provide unique, accessible takaful solutions. 

     

    With Malaysia’s takaful market showing significant growth — specifically, a 7.55% increase in Family Takaful gross contributions, and total contributions reaching almost RM9 billion as noted by the Malaysian Takaful Association — this strategic funding will propel Ouch!’s mission in meeting the rising demand for accessible, Shariah-compliant financial protection. Fundamentally, Ouch! aims to establish a secure, digital platform to meet the needs of every Malaysian, considering approximately 30 million Malaysians are still underserved in terms of financial protection. 

     

    In this vein, the funds will be invested to expand market share, enhance technology infrastructure, and drive product innovation to better serve the community. One of Ouch!’s primary objectives lies in the transition from its current reliance on a third-party core system to a proprietary, independent system using  a suite of cutting-edge technological innovations. Ouch! is also working towards securing a DITO licence from BNM, which will enable the company to close critical protection gaps for Malaysians, especially young families.

     

    “We are thrilled with the support from PPB Ventures as we push forward with our mission to redefine financial protection in Malaysia through Shariah-compliant, digital-first takaful solutions,” said Shazy Noorazman, CEO of Ouch! Protect Berhad. “With the support of our investors, we’re poised to strengthen our technological capabilities and drive innovation in the digital takaful space. The sandbox extension and DITO licence will both be major game-changers, enabling us to offer even more personalised and accessible Takaful solutions for Malaysians.”

     

    A small percentage of the funds will also be earmarked as Ouch!’s reserve capital for BNM’s Sandbox testing and support for the DITO licence process, enabling Ouch! to offer a broader range of customised takaful products. Ouch! will continue to build on its growth with plans to initiate a subsequent fundraising round later this year to meet the minimum capital requirements for the DITO licence, reinforcing their commitment to advance the needs of Malaysian households and families.

     

    To find out more about Ouch!, please visit ouch.my or download their application from the Google Play Store and Apple App Store.

    About Ouch!

    Ouch! is an approved participant in the BNM Regulatory Sandbox dedicated to making Shariah-compliant family takaful more accessible to all Malaysians. As a comprehensive one-stop platform, Ouch! empowers users by providing education on coverage and risks, simplifying the purchase and management of digital takaful products, and streamlining the claims process. With Ouch!, financial protection is made easy and transparent, bringing peace of mind to every household. For more information, visit http://ouch.my/.

     

  • Funding Societies Launches Comprehensive Suite Of Islamic Financing Solutions

    Funding Societies Launches Comprehensive Suite Of Islamic Financing Solutions

    Funding Societies, the largest unified SME digital finance platform in Southeast Asia, has launched its comprehensive Islamic Financing product collection, a complete suite of Shariah-compliant financing solutions designed to meet the needs of creditworthy, underserved Malaysian micro, small and medium enterprises (MSMEs) seeking to grow their business. These Islamic financing solutions include Business Term Financing-i, Micro Financing-i, and Invoice Financing-i.

    “Access to finance is mission critical for inclusive growth and MSME development. Case in point, there is a RM90 billion SME financing gap in Malaysia. To that end, SME digital finance platforms like Funding Societies play an important role in closing that gap. Given Malaysia’s leadership in Islamic finance, it is timely for us to scale our Shariah-compliant proposition to support creditworthy Malaysian SMEs of all sizes to thrive,” said Wong Kah Meng, Group Chief Operating Officer of Funding Societies | Modalku and Co-founder of Funding Societies Malaysia.

    Chai Kien Poon, Country Head of Funding Societies Malaysia said, “Following market feedback, we observed demand for Islamic finance and Muslim entrepreneurs’ need for Shariah-compliant financing. Islamic finance is also appealing to non-Muslims given its emphasis on fairness and transparency in fees and charges. Besides that, the introduction of our Islamic Financing aligns with Malaysia’s aspirations to be the leader in Islamic finance as well as focus on the Islamic digital economy and FinTech.”

    Interested SMEs can apply for these financing solutions online – seamlessly, anywhere and anytime. Through its simple and digital proposition, along with zero collateral requirements, Funding Societies can avail financing to MSMEs much quicker compared to traditional financial institutions.

    “Besides launching our Islamic financing proposition, we have developed Shariah-compliant investment products for our investors. This allows investors to diversify their investments while joining us to support a critical segment of the Malaysian economy. We have seen very encouraging demand from investors (retail, high net worth individuals and institutions) and look forward to working with financial institutions to offer Shariah-compliant investments to their customers,” adds Chai.

    Khairil Anuar Mohd Noor, Principal, Masryef Advisory, who was present at the launch event in Kuala Lumpur, remarked, “We are delighted to be part of this initiative by Funding Societies that would further elevate the landscape of Islamic Finance in Malaysia. We believe Funding Societies’ cutting edge, a leading digital finance platform, offers ground-breaking Shariah-compliant financing solutions to Malaysian MSMEs that would enable MSMEs to have access to alternative funding to fund their business. Similarly, it allows investors an alternative Shariah-compliant asset class to invest their excess liquidity. This collaboration allows us to leverage Funding Societies’ technological prowess and our expertise in Shariah advisory. Together, we will drive inclusive growth and unlock the potential of Islamic finance for sustainable economic development in Malaysia.”

    Funding Societies has been operating in Malaysia since 2016 and has provided financing to thousands of SMEs in the country. The FinTech platform has disbursed more than RM2 billion in financing in Malaysia since its inception. Across the region, more than RM13.74 billion has been disbursed through more than 5 million transactions as of 2022. After its soft launch in May 2022, the Shariah-compliant financing propositions have seen encouraging take-up from SMEs. The Fintech platform targets to have at least 50% of its disbursement from its Shariah-compliant financing portfolio by 2025.

    For more information on Funding Societies Malaysia’s Islamic Financing solutions, please visit https://fundingsocieties.com.my/islamic-financing.

    (Funding Societies’ Islamic financing products descriptions)

    About Funding Societies

    Funding Societies | Modalku is the largest unified SME digital finance platform in Southeast Asia. It is registered with the Securities Commission Malaysia (SC), as well as licensed in Singapore, Indonesia, and Thailand, and operates in Vietnam. It is backed by SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), which are funded by individual and institutional investors. In 6 years, it has helped finance over 5.1 million business deals close to RM13.74 billion in funding. It was given the Digitalizing Services for Retail Participations award by the Securities Commission Malaysia during the INVESTSMART® FEST 2019, the Monetary Authority of Singapore (MAS) FinTech Award in 2016, the Global SME Excellence Award at the United Nations’ ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019, and ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, it was honourably mentioned as Responsible Digital Innovator of the Year by the World Bank IFC SME Finance Forum and won the MAS ASEAN Fintech award for the second time.

    For more information on Funding Societies Malaysia, please visit https://fundingsocieties.com.my.