Sedania As Salam Capital Sdn Bhd, a wholly-owned subsidiary of Sedania Innovator Berhad, has announced the launch Assidq.com, an Islamic online marketplace.
The online marketplace facilitates the customer’s Islamic financial needs through a personalised profile check with approval and disbursements. According to their media statement, the new portal offers a range of Islamic personal financing products and Islamic credit cards.
Commenting on the launch of Assidq, Nisa Ismail, CEO of Sedania As Salam Capital Sdn Bhd said,
“We have a unique offering in Malaysia. There is a growing demand for Islamic financial products in the strictest sense of the term. The financing has to be completely free from unethical elements including riba (usury), gharar (deceit), maysir (gambling) and zulm (immoral practices). What the country needs is a dedicated financial technology platform that could offer Islamic financial products to meet the demands of the population. “
The platform works with Islamic banks to offer its products to consumers, who are currently able to apply for personal financing and credit cards from seven Islamic banks and a non-bank financial service provider. Its partners include Standard Chartered Saadiq, Alliance Islamic Bank and Agrobank.
Assidq.com processes and vets the applications before providing needed information to the financial institutions. For banks, this means lower operating costs as the applicants have been vetted. For consumers, this means a faster application process and approval, says Nisa.
“After the users have filled in the form on our platform, we will do a test to find out which products they are eligible for. This includes verifying the authenticity of their MyKad, their credit history and debt service coverage ratio. The entire process takes up to half an hour on average, depending on how fast they can provide us with the documents,” she adds.
Islamic Fintech Has a lot of Room for Growth
The global Islamic fintech industry has seen healthy growth since the early 2010s, mirroring that of the broader fintech ecosystem. According to the Islamic Fintech Report 2018 published by research and advisory firm DinarStandard, Islamic fintech firms have mainly concentrated on making consumer and business finance more accessible.
Of the 93 start-ups identified by the report, 31 are based in Indonesia, which has the world’s largest Muslim population. The UAE and Malaysia have the next highest number of Islamic fintech start-ups, a reflection of the broad Islamic economy strategies that these countries have implemented.
However, Malaysia’s Islamic fintech scene still has a lot of room for growth, says Nisa. “Many of those in the financial services industry have adopted a wait-and-see attitude. We want to be among those that are actually trying to accelerate the growth of this space.”
To know more, go to Assidq website
Credit Photo: Assidq FB Page
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