By NST Business - November 30, 2022 @ 11:20am
The collaboration will pave the way for both entities to leverage on each other strengths in offering digital financial solutions in both regions, the Middle East and Southeast Asia.
KUALA LUMPUR: Shoraka Digital Ventures (Shoraka DV) has formed a collaboration with National Bonds Corporation, the United Arab Emirates' leading Shari'a-compliant savings and investment company owned by the Investment Corporation of Dubai.
The collaboration will pave the way for both entities to leverage on each other strengths in offering digital financial solutions in both regions, the Middle East and Southeast Asia.
Shoraka was founded in Dubai in 2006, focusing on financial advisory.
With technology playing a vital role in the financial industry in every aspect of business, the company recognised the need to accelerate the development of digital solutions in the financial industry.
Shoraka DV is a fintech player focused on providing innovative digital Islamic financial solutions for liquidity management.
The company was developed with the aspiration to expand the Islamic financial offerings to the unserved and underserved segment of society to complement banks' offerings through the adoption of digital technology.
National Bonds is wholly-owned by The Investment Corporation of Dubai, an investment arm of the Dubai government.
The company was built on the foundations of Islamic investment principles and aims to increase financial literacy and encourage disciplined savings habits.
"We believe National Bonds is the right partner to introduce our solutions in the Middle East given their strong connection in the region as they are a state-backed institution." said Johar Amat, managing director of Shoraka DV.
"National Bonds could also leverage on our networking in the region, especially in the Islamic finance industry to promote their innovative retail sukuk Murabaha platform among the industry players in the region." he added.
The pact reflects Shoraka DV's desire to collaborate with companies that share its vision of creating innovative solutions to deliver efficiency and valuable experience to its clients.
"Together, Shoraka DV and National Bonds will be able to establish a solid foundation to grow and facilitate the development of innovative products and fintech solutions in the region and beyond that both companies operate in.
"With Shoraka's strong networking and expertise in the Islamic financial industry in the Southeast Asian region, National Bonds intends to leverage on this to explore increased product offerings and expand geographical coverage to more regions." said National Bonds group CEO Mohammed Qasim Al Ali.
"By working closely with Shoraka DV, we are aiming to leverage each other's expertise to benefit our key stakeholders and the community at large."
Not long ago, one of Shoraka DV's fintech solutions, Shoraka Suyula Platform, secured the innovation licence from the DIFC, therefore this strategic partnership with National Bonds is a step towards achieving its business goals in the region.