PETALING JAYA: Funding Societies, the largest unified SME digital finance platform in Southeast Asia, has launched its Islamic financing product collection, a suite of syariah-compliant financing solutions designed to meet the needs of creditworthy, underserved Malaysian micro, small and medium enterprises (MSME) seeking to grow their business.
These Islamic financing solutions include Business Term Financing-i, Micro Financing-i and Invoice Financing-i.
Group COO Wong Kah Meng who is also Funding Societies Malaysia Modalku and co-founder, said: “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 syariah-compliant proposition to support creditworthy Malaysian SMEs of all sizes to thrive.”
Funding Societies Malaysia country head Chai Kien Poon said, “Following market feedback, we observed demand for Islamic finance and Muslim entrepreneurs’ need for syariah-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.”
Besides launching its Islamic financing proposition, he said, it has developed syariah-compliant investment products for 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 syariah-compliant investments to their customers,” said Chai.
