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Shoraka Digital inks strategic collaboration with Yayasan Hijrah Selangor for shariah-compliant microcredit offerings

By Farah Adilla - January 14, 2022 @ 12:56pm


KUALA LUMPUR: Shoraka Digital Ventures (SDV), through one of its fintech solutions start-ups, Shoraka Global Resources Sdn Bhd (SGR), has signed a strategic collaboration with Yayasan Hijrah Selangor to facilitate the migration of the foundation's conventional financial offerings to Shariah-compliant ones.

In a joint statement today, SDV and Yayasan Hijrah Selangor said the strategic collaboration would enable microcredit recipients, most of whom are from the unbankable B40 (underprivileged) group, to access financing in a shariah-compliant manner, as currently enjoyed by the bankable groups.

SDV managing director Johar Amat said the collaboration is an important milestone for the company, as it is in line with its aspiration to facilitate the expansion of Islamic financial offerings to all segments of the society, including those that are unbankable.

"Our intention and philosophy are about ensuring that the un-bankable can utilise services like the bankable who have easy access to Shariah-compliant financial products.

"With this collaboration, we want to become the facilitator for Yayasan Hijrah Selangor to provide Shariah-compliant products and solutions to their recipients.

"I foresee a successful partnership between our two parties that will accelerate the digitalisation of the Islamic financial technology solutions for the people of Selangor and look forward to further collaborations with Yayasan Hijrah Selangor in the area of digital technology," he said.

Yayasan Hijrah Selangor is an initiative of the Selangor state government to expand the middle class in Selangor through the implementation of an efficient additional capital distribution system for small traders.

One of its objectives is to provide micro-credit loans to small entrepreneurs in Selangor to implement programs to help small entrepreneurs grow their businesses and increase capital.

Shoraka Group, the parent company of SDV, was established in 2006, incorporated in Dubai and later incorporated in Malaysia in 2007 to operate exclusively in Southeast Asia as a financial advisory company before expanding into the Digital Technology sector.

SDV provides digital solutions, technology services, private equity, and business and Shariah advice.

One of its digital solutions is a platform operated by Shoraka Global Resources Sdn Bhd, known as Shoraka Al-Amin.

Source: News Straits Times

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