Digital financial services company M24, which has expressed its interest in becoming an Islamic digital bank in Malaysia, has announced its plan to establish an Islamic digital ecosystem serving SMEs, local suppliers, contractors and other stakeholders.
The fintech company entered into partnerships with wealth management company Amanah Warisan (AWARIS), Musyawarah Consulting, Masyref Advisory and Masleena Yee & Partners to establish the ecosystem, which itself will help ensure that SMEs have access to Islamic financial products and services, cost-efficient tools and better cash flow management.
According to the group managing director and founder of M24, Ahmad Tarmizee Ab Hamid, the partnership, which comprises legal, finance and compliance professionals, will aim to achieve the Islamic digital ecosystem this year. “This would empower them to grow and sustain their business in the current challenging times,” Ahmad Tarmizee said.
Ahmad Saruji, CEO of AWARIS, meanwhile said that as a fund trustee, the company is looking forward to working more closely with all the other parties involved.
“This agreement is for three years and it is a short period, so I suggest that everyone strives to succeed in this mission within one year,” Ahmad said.