Sedania partners Wasiyyah Shoppe to market 'hibah' mortgage solution

SEDANIA As Salam Capital Sdn Bhd, the (financial technology) fintech arm of Sedania Innovator Bhd, has been roped in as Wasiyyah Shoppe Bhd's exclusive partner to introduce "hibah", trust services and other Islamic estate management services to financial services institutions and enterprises.

A memorandum of understanding between the two firms was inked today, following Sedania Innovator's acquisition of 20% interest in Wasiyyah Shoppe announced earlier this month.

Sedania and Wasiyyah Shoppe aim to venture into the RM200 billion Islamic mortgage market and be able to contribute to easing RM70 billion worth of local Muslims' unclaimed assets.

Sedania As Salam Capital CEO Nisa Ismail said the tie-up would introduce a full-fledged digital "hibah" platform that expands awareness of "hibah" as an Islamic estate planning and inheritance solution among the Muslim community and closely liaise with financial services institutions. To date, Sedania has 95 financial services partners under its portfolio.

"Islamic mortgage is just a starting point for us. We will introduce more innovative digital solutions for Wasiyyah Shoppe, which currently offers more than 40 solutions," she said during the signing ceremony, adding that the collaboration will accelerate its market share in Islamic mortgage this year, given only 0.2% of 15 million Malaysian Muslims have executed "hibah" to date.

Wasiyyah Shoppe - a private Shariah-compliant trustee firm - will manage the day-to-day application process, deliver "hibah" services to financial services customers and inheritance beneficiaries, and serve as the point of contact for support and helpdesk-related issues using a newly developed digital platform.

Wasiyyah Shoppe has generated over RM21 million in revenue from the retail industry through its 2,700 active agents. It aims to capitalise on its potential success in Islamic mortgages and expand into other retail banking products soon. Wasiyyah Shoppe currently has 80,000 customers representing assets close to RM60 billion.