The Securities Commission Malaysia (SC) recently called on stakeholders in the Islamic finance sector to collaborate in shaping the future of Islamic fintech. During the FIKRAtech Roundtable, SC Chairman Datuk Mohammad Faiz Azmi emphasized the importance of rethinking the industry’s branding approach to highlight the ethical values within Maqasid al-Shariah principles, aiming to appeal to a broader audience without compromising core values.
He highlighted the SC’s efforts to foster innovation and provide market-based financing for start-ups and early-stage companies through initiatives like the Guidelines on Recognised Markets and various industry discussions. The SC’s balanced regulatory framework aims to support innovation while maintaining market integrity, contributing to the significant growth of Islamic equity crowdfunding (ECF) and peer-to-peer (P2P) financing platforms in Malaysia.
microLEAP, Malaysia’s prominent P2P financing platform specialising in Islamic financing, welcomes the recent call by the Securities Commission Malaysia (SC) for stakeholders to collaborate in shaping the future of Islamic fintech.
microLEAP’s mission is closely aligned with these values, advocating for ethical and inclusive financing while remaining committed to the growth of the Islamic fintech ecosystem. With physical offices in Sabah, Sarawak, Johor, Perak, and Penang, this strategic move underlines microLEAP’s commitment in extending the reach of Islamic financing beyond just the Klang Valley.
In the first half of 2024, 98.7% of the company’s financing notes were Shariah-compliant, showcasing its leadership in this space. microLEAP disbursed RM 46.56 million across 78 notes during Q1 and Q2, and has already disbursed over RM 175 million since its inception. This significant growth reflects the increasing demand for Islamic financing solutions, aligning with the SC’s findings that Islamic ECF and P2P platforms now contribute 24% of total alternative funding, compared to just 8% in 2022.
Collaboration is key to unlocking the potential of Islamic fintech. microLEAP continues its ongoing partnership and collaboration with key government bodies, such as the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), SME Corp, and the Malaysian Technology Development Corporation (MTDC), to advance Islamic finance and ensure greater financial inclusion.
As Malaysia’s P2P financing ecosystem continues to grow, microLEAP remains dedicated to contributing to this upward trajectory. Its expansion into underserved areas of Malaysia further reaffirms microLEAP’s dedication to ensuring that all of Malaysia benefit from the potential of Islamic fintech.
“At microLEAP, we believe in taking bold steps toward a more inclusive and ethical financial ecosystem. By partnering with key government agencies and establishing a physical presence in several states, we are breaking barriers and expanding access to Islamic financing,” said Tunku Danny Nasaifuddin Mudzaffar, Founder and CEO of microLEAP. “Collaboration is the cornerstone of progress, and together with our partners, we aim to shape a brighter future for Islamic fintech.”
microLEAP stands ready to collaborate with the SC and other stakeholders to build a robust, inclusive, and ethically-driven financial ecosystem. The company remains steadfast in its belief that small steps can lead to a big impact.
