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Alliance Bank offers syariah-compliant digital SME financing option to MSME

2 Aug 2022 | Tuesday Source: The Sun Daily

Alliance Bank Malaysia Bhd has introduced a new syariah-compliant financing option through its digital SME solution to assist micro and small businesses, especially those operating in the halal industry or those who prefer an Islamic-permissible funding.

The quick and easy-to-apply digital financing alternative which is based on the Islamic concept of commodity murabahah (tawarruq), enables micro and small businesses to obtain up to RM500,000 financing conveniently, fully digitally. It is applicable to businesses that have been in operations for at least three years with a minimum annual turnover of RM500,000.

In addition to financial assistance, Alliance Bank supports business owners via a broad range of digital solutions to help them manage, grow their business and access new markets. The bank’s BizSmart Solution Portal provides over 200 partners’ products and services to help businesses reach more customers, digitise and adopt sustainable practices at preferential rates by leveraging on the bank’s SME network. Morover, it will be launching new products catered to micro and small businesses’ needs in the coming months.

Senior vice president and head of digital SME Kevin Shum said it is now expanding to offer fully syariah-compliant products as an additional option for business owners to meet their financing needs on top of the conventional digital SME loan. With its fast and simple digital application process, business owners can apply and track the application status anytime, anywhere.

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