PETALING JAYA, 11 SEPT 2024 – In a groundbreaking move to modernize Islamic inheritance management, SEDANIA As Salam Capital Sdn. Bhd. has launched JOMHIBAH, Malaysia’s first fully digital Hibah platform. This innovative platform aims to simplify and streamline access to Hibah, a vital tool in Islamic inheritance planning. As the leading player in consumer tech and digital banking solutions under SEDANIA Innovator Berhad, SEDANIA As Salam Capital brings a new level of accessibility to estate management for modern families.
Addressing the Frozen Asset Issue with Hibah
Hibah, which allows the voluntary transfer of asset ownership during one’s lifetime, has become increasingly favored for managing Islamic inheritance. Alongside traditional methods like wasiat (bequests) and faraid (succession), Hibah provides a holistic, flexible solution for asset distribution.
The significance of Hibah is even more apparent when considering the RM 70 billion in frozen Islamic assets across Malaysia, often tied up due to prolonged family disputes, legal complexities, and high costs. JOMHIBAH integrates Hibah into estate planning seamlessly, allowing individuals to protect their assets and the financial future of their families with ease.
A Fully Digital, Hassle-Free Experience
The platform introduces a Digital Hibah Akad feature, which allows users to complete the necessary Hibah agreements without needing physical documentation or witnesses. This online solution makes it easier for families to secure their financial futures and manage asset distribution without the usual bureaucratic hurdles.
Nisa Ismail, CEO of SEDANIA As Salam Capital, emphasizes the platform’s role:
“The sharp rise in frozen family assets in Malaysia is alarming, particularly for surviving families who depend on these assets during times of loss and uncertainty. JOMHIBAH offers an end-to-end pre-emptive solution that not only aligns with Islamic values but also ensures that families are better equipped to face unforeseen challenges with minimal disputes.”
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Expanding Accessibility Through Partnerships
In partnership with Hong Leong Islamic Bank (HLISB), JOMHIBAH offers Personal Financing-i, providing users with convenient access to Hibah financing. This collaboration breaks geographic barriers with a fully digital financing process, empowering more individuals to incorporate Hibah into their estate planning.
“Our JOMHIBAH platform, in partnership with HLISB, exemplifies our commitment to ‘Improving Lives Sustainably’ by offering innovative, accessible, and integrated digital solutions,” Nisa Ismail adds.
The Broader Impact on Financial Services
This digital-first approach not only supports individual families but also highlights the financial services industry’s role in promoting Hibah as a mainstream solution in Islamic inheritance management.
“As Hibah gains prominence within Islamic inheritance management, financial service institutions have a crucial role to play in mainstreaming Hibah financing. By supporting this evolving community need, FSIs can ensure inclusivity and offer effective estate planning solutions that resonate with the needs of diverse family dynamics in today’s modern society,” Nisa continues.
Securing Futures, One Family at a Time
SEDANIA As Salam Capital’s JOMHIBAH is a much-needed solution to help families secure their futures with foresight, compassion, and adherence to Islamic values. As Nisa concludes:
“Together, we can ensure that more families are prepared and protected, securing their future with compassion and foresight.”
SEDANIA Innovator Berhad (SIB)
It is an investment holding company focused on driving sustainability through its innovative businesses. Since its 2015 debut on the ACE Market of Bursa Malaysia, SIB has made strategic investments in companies that promote sustainability and reduce carbon emissions, contributing to a greener economy.
The Group’s success is powered by its core businesses in sustainable consumer goods and services, including Offspring Inc Sdn Bhd (Offspring), Tanamera Tropical Spa Sdn Bhd (Tanamera), FA Herbs Sdn Bhd (FA Herbs), and SEDANIA As Salam Capital Sdn Bhd. Each business reflects SEDANIA’s commitment to sustainability and consumer well-being.
Offspring Inc Sdn Bhd is a leader in eco-friendly baby care products, offering over 170 SKUs made with sustainable ingredients and biodegradable packaging. Its products have gained strong market presence across three continents.
Tanamera Tropical Spa Sdn Bhd
It sets the benchmark for premium, Halal-certified, all-natural personal care products. With a focus on traditional Asian wellness and eco-conscious tropical herbs, Tanamera has a global client base.
FA Herbs Sdn Bhd,
A GMP and ISO-certified manufacturer, specializes in Halal skincare, personal care, postnatal care, and health supplements. FA Herbs provides end-to-end, tailored solutions to a diverse range of clients, including those in hospitality, leisure, MLM, SME, and corporate sectors.
SEDANIA As Salam Capital Sdn Bhd
It is a pioneer in digital finance, serving more than 95 financial institutions with cutting-edge consumer technology. Its signature products, such as the As-Sidq Tawarruq platform (commodity murabahah), JOMHIBAH, and the GoHalal Financing Program, promote financial inclusion and enhance community well-being.
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