WASIYYAH SHOPPE’S RM50B GOAL
Trust company wants to penetrate global market, starting with Turkey
WASIYYAH Shoppe Bhd is confident of managing RM50 billion in assets under inheritance (AUI) by the end of its financial year ending June 30, 2023.
The syariah-compliant trust company said it managed RM35 billion in AUI for 70,000 clients as at Dec 31 last year.
Chief executive officer Ariffin Sabirin said this would be underpinned by the aggressive digitalisation effort it initiated in March 18 last year, following the implementation of the Movement Control Order.
“The digitalisation initiative empowered about 1,000 consultants to embark on borderless marketing, which has allowed our consultants to chart better sales,” he said at a luncheon to honour the company’s top 30 consultants, also known as Daie, yesterday.
Ariffin said more people became aware of and concerned about inheritance during the Covid-19 pandemic, making Wasiyyah Shoppe among the most popular choices for inheritance distributors.
He said the company would extend its offerings from July to Malaysian clients with assets overseas.
“We will also penetrate the international market starting with Turkey, which is the gateway to Europe and Central Asia.
“We believe syariah inheritance planning does not exist in the region and we see a huge opportunity there.”
Ariffin said Wasiyyah Shoppe also expected to establish a presence in the Middle East, United Kingdom, Australia and Indonesia within the next two years.
For its financial year 2020, Wasiyyah Shoppe posted a revenue of RM13 million and a net profit of RM700,000.
Ariffin expected the revenue to surge 92 per cent to RM25 million in its financial year 2021 with a net profit of RM2.2 million.
Wasiyyah Shoppe offers 37 inheritance services with Hibab — a gift distribution service for property, stock, jewellery, car, savings and unit trust.
“We are specialising in business succession. Our syariah panel is also active in developing new products and giving grants for research and development to local universities,” he said.