microLEAP, a leading P2P financing platform in Malaysia specializing in Islamic financing, supports the Securities Commission Malaysia’s call for collaboration in shaping the future of Islamic fintech.
As pioneers in offering both Shariah-compliant and conventional financing on a single platform, microLEAP aligns with the ethical principles of Maqasid al-Shariah.
The company is expanding its presence across Malaysia, including offices in Sabah, Sarawak, Johor, Perak, and Penang, aiming to extend Islamic financing beyond the Klang Valley. In the first half of 2024, 98.7% of microLEAP’s financing notes were Shariah-compliant, with RM 46.56 million disbursed across 78 notes.
The future of Islamic Fintech
Since inception, the company has disbursed over RM 175 million, reflecting growing demand for Islamic financing. Islamic ECF and P2P platforms now account for 24% of alternative funding, up from 8% in 2022.
MicroLEAP’s performance summary for Q1-Q2 2024 showcases significant growth in Malaysia’s P2P financing landscape.
The company disbursed RM 47 million in financing, a 92.4% increase from the same period in 2023. A total of 78 notes were issued (77 Islamic and 1 Conventional), with an average return of 15.1% p.a. and a default rate of 0.89%.
MicroLEAP achieves growth
The average tenor was 11 months. MicroLEAP onboarded 1,123 new investors, participated in 23 events and key meetings, and expanded its presence across Malaysia, including Sabah, Sarawak, Johor, Perak, and Penang.
This growth highlights MicroLEAP’s leadership in Islamic finance and its commitment to serving underserved regions.
Read more Business News
Leave a Reply
You must be logged in to post a comment.