Bank Muamalat Malaysia has launched a digital funding platform designed to support social welfare projects, as part of the country’s value-based intermediation (VBI) agenda.
Named Jariah Fund, the charity crowdfunding platform reflects the Islamic bank’s efforts to adopt and integrate fintech into its business model. The Jariah Fund platform was developed internally.
“This platform uses an electronic payment process through the FPX payment gateway where the public can contribute online and the collection is expressed in real time,” explained Khairul Kamarudin, the CEO of Bank Muamalat Malaysia. The Shariah bank has identified five non-governmental organizations (NGOs) it will work with for the first phase of the fund, which will take place from September 2020 until March 2021. These NGOs – Yayasan Sejahtera, Yayasan Ikhlas, Yayasan Muslimin, the National Autism Society of Malaysia and the Malaysian Association for the Blind – will act as the bank’s charitable partners to monitor selected campaigns launched on the platform. Phase One of the project aims to channel about RM40,000 (US$9,582) to selected beneficiaries through six community-based projects focusing on education, health and economic empowerment initiatives.