- Funding Societies disburses $64.22M in Islamic financing to Malaysian MSMEs.
- The company targets 50% Islamic portfolio by 2025.
- This initiative supports Malaysia’s economic growth and halal economy expansion.
Shariah-compliant cash splash
Funding Societies, the Singapore-based digital finance platform, has made waves in Malaysia’s Islamic finance sector.
They have disbursed MYR 300 million ($64.22 million) in Shariah-compliant business financing to over 2,500 micro, small, and medium enterprises (MSMEs) since June 2023.
This achievement highlights the growing demand for Islamic financial products in Malaysia, a global leader in Islamic finance.
Funding Societies aims to increase its Islamic financing portfolio from the current 15 percent to an ambitious 50 percent by 2025, tapping into the country’s $62 billion MSME financing gap.
Powering Malaysia’s economic engine
As Malaysia targets 4-5 percent GDP growth in 2024, supporting MSMEs becomes crucial.
Funding Societies’ Islamic financing initiative aligns with the country’s economic goals, fostering job creation and bolstering the halal economy, which was valued at $6.25 trillion in 2022.
