Hong Leong Islamic Bank (“HLISB” or “the Bank”) is expanding its digital Islamic wealth management offerings through a partnership with SEDANIA As Salam Capital Sdn Bhd. Customers can now access information about Hibah as an effective Islamic inheritance and wealth distribution instrument for properties via SEDANIA As Salam Capital’s fully-digital JOMHIBAH platform, and apply for HLISB’s Personal Financing-i to finance their Hibah service through a seamless digital experience. This move reinforces the Bank’s commitment to digital innovation, providing customers with convenient online access to a comprehensive suite of Islamic wealth management solutions.
Hibah, the voluntary transfer of asset ownership during one’s lifetime, stands as a cornerstone of Islamic wealth management. Providing an alternative and equitable means of wealth and asset distribution, Hibah has gained recognition in Malaysia, with researchers highlighting its role in addressing the rapidly increasing amount of frozen Islamic assets in Malaysia, which exceeded RM90 billion in the year 2022. The Shariah court, overseeing Islamic law, has affirmed Hibah’s validity for estate planning purposes, reinforcing its significance within the Malaysian legal framework.
Dafinah Ahmed Hilmi, CEO of HLISB said, “According to HLISB’s Nationwide Islamic Wealth Management Perception & Usage Survey 2024 on the usage and perception of Islamic wealth management among Malaysian Muslims, only 38% of Malaysian Muslims have performed Hibah, despite 81% being aware of this service offered. We are committed to closing this gap between awareness and action by being a financial intermediary which equips customers with the necessary tools and solutions to achieve their wealth distribution goals. Aligned with this, our partnership with SEDANIA As Salam Capital is a step in the right direction, allowing us to provide digital wealth management solutions, and wealth advisory & planning services, as we strive to be Your Digital Bank Plus Much More.”
In addition to providing a Hibah financing platform, SEDANIA As Salam Capital has also been appointed as the Bank’s alternative digital commodity trading platform. This is a vital part of the Islamic banking ecosystem which provides an asset-backed foundation for banking products to ensure that the Bank’s financial solutions and operations remain Shariah-compliant.
“We also want to safeguard the Shariah-compliant nature of our products, services, and operations, allowing our customers to bank with us without worry or hesitation. With this, we are glad to have SEDANIA As Salam Capital on board as the Bank’s alternative digital commodity trading platform for our Shariah contracts, ensuring that we continue offering digital and innovative financial solutions that are Shariah-compliant,” added Dafinah.
Pn. Khairul Nisa Ismail, CEO of SEDANIA As Salam Capital, commented, “At SEDANIA, our vision of ‘Improving Lives Sustainably’ is the foundation of everything we do. This collaborative partnership with HLISB is important to us as we embark on a digital journey that not only strengthens our respective positions in the market but also amplifies our collective impact on the communities we serve. Together, we are committed to revolutionising Islamic inheritance solutions, especially the Hibah instrument, by delivering a streamlined and powerful process that caters to the diverse needs of the Bank’s customers. At the same time, our partnership elevates the Bank’s commodity trading infrastructure with our state-of-the-art, patented real-time trading platform powered by digital commodities, complemented by expert wealth advisory from our dedicated Shariah team. Our innovative solutions are more than just financial offerings; they embody our deep-rooted commitment to creating solutions that make a positive impact on people’s lives. It is an amanah – a sacred trust – that we hold dearly. We will continue to drive the digital transformation of Malaysia’s Islamic banking landscape, delivering trusted, reliable, and values-driven banking solutions to serve the best interest of the community.”
To learn more about HLISB’s Hibah financing in partnership with Sedania, please visit https://jomhibah.com/hlisb/
