null Kenanga allocates US$7.1 mil for SMEs looking to raise Islamic Financing on CapBay’s P2P platform
Kenanga allocates US$7.1 mil for SMEs looking to raise Islamic Financing on CapBay’s P2P platform
23 Dec 2021 | Thursday Source: Digital News Asia
In a boost for SMEs seeking shariah compliant financing, Bay Group Holdings Sdn Bhd, which operates as CapBay, a Malaysian multi-bank supply chain finance and peer-to-peer financing (P2P) platform has secured US$7.1 million (RM30 million) investment from Kenanga Capital Islamic Sdn Bhd (KCI), a subsidiary of Kenanga Investment Bank Bhd (KIBB). The fund injection is a step forward to growing CapBay’s Shariah-compliant Supply Chain Finance arm, CapBay Islamic, which is approved for Shariah-compliant P2P financing by the Securities Commission Malaysia (SC).
The funding will be allocated on a matching basis to SMEs that want to borrow through CapBay’s P2P Platform, with the ratio not disclosed by CapBay. A spokesperson for CapBay explains that, “While there's currently no distinction between a conventional and Shariah-compliant P2P platform, we need to get SC’s approval to offer Shariah-compliant Islamic Investment Notes on our P2P platform and adhere to the relevant Shariah-compliant processes.”