Sedania's fintech unit to catalyse Wasiyyah Shoppe's growth prospect

KUALA LUMPUR: Sedania Innovator Bhd's fintech unit Sedania As Salam Capital Sdn Bhd will catalyse Wasiyyah Shoppe Bhd's growth potential by providing innovative digital solutions to financial services institutions (FSIs).

Sedania As Salam chief executive officer Nisa Ismail said it could unleash the potential of Wasiyyah Shoppe's Islamic inheritance solutions via its strong track record built up with 95 FSI partners.

"This collaboration is complementary to Wasiyyah Shoppe and enables it to scale further. As it is, Wasiyyah Shoppe is generating around RM21 million in revenue from the retail market via its 2,700 active agents.

"By granting Sedania As Salam the exclusivity as a corporate partner, we can drive the enterprise and FSI business for Wasiyyah Shoppe," she said in a statement.

Sedania As Salam today signed an agreement with Wasiyyah Shoppe to become its exclusive corporate partner.

This was on the back of the completion of Sedania's 20 per cent stake acquisition in Wasiyyah Shoppe, which is the No. 1 Shariah-compliant trustee in Malaysia, on March 1.

Under the partnership agreement, Sedania As Salam will tap into the burgeoning Islamic mortgage market, estimated at RM200 billion.

The company will introduce a full-fledged end-to-end digital Hibah platform to boost the reach and awareness of Hibah as an Islamic estate planning and inheritance solution among the Muslim community.

Sedania As Salam said together with Wasiyyah Shoppe, it could play its part in helping the nation tackle the rising unclaimed assets belonging to local Muslims totalling some RM70 billion.

According to Nissa, the company would introduce more innovative digital solutions for Wasiyyah Shoppe, which now offered more than 40 solutions.

She expects to garner a huge piece of the Islamic mortgage pie this year as only 0.2 per cent of 15 million Malaysian Muslims have executed Hibah to date.

Wasiyyah Shoppe chief executive officer Ariffin Sabirin said by leveraging Sedania As Salam's strong relationship with Malaysian FSIs, the company can unlock vast possibilities for Muslims to safeguard their wealth and receive full-fledged inheritance facilitation for their named beneficiaries.

"With the combined capabilities of an established digital platform provider and a leading trustee company, we can also build on any potential success from Islamic mortgage and expand further towards providing Hibah for other retail banking products in the near future," said Ariffin.