3 ven­ture cap­i­tal­ists show in­ter­est in Malaysia’s Is­lamic Dig­i­tal Econ­omy

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KUALA LUMPUR: Three ven­ture cap­i­tal com­pa­nies have shown in­ter­est in cap­i­tal­is­ing on Malaysia’s Is­lamic Dig­i­tal Econ­omy’s growth po­ten­tial, said Malaysia Dig­i­tal Econ­omy Cor­po­ra­tion ( MDEC).

MDEC Growth Ecosys­tem De­vel­op­ment vice- pres­i­dent Norhizam Kadir said they were Cap­tii Ven­tures, Ethis Ven­tures and Quest Ven­tures.

He said Malaysia’s lead­er­ship in Is­lamic fi­nance and the ha­lal sec­tor put the coun­try in a favourable po­si­tion to dom­i­nate the Is­lamic Dig­i­tal mar­ket­place.

The IDE frame­work is a joint effort be­tween MDEC, the Depart­ment of Is­lamic De­vel­op­ment (Jakim) and Hall Amanie Sdn Bhd, he told a press con­fer­ence on the de­vel­op­ment of Malaysia’s first Is­lamic Dig­i­tal Econ­omy (IDE) Frame­work here yes­ter­day.

Norhizam said the frame­work was part of Malaysia’s strat­egy to ce­ment the coun­try’s lead­er­ship in the global ha­lal mar­ket­place and cre­ate a unique and com­pet­i­tive ad­van­tage to ac­cel­er­ate the growth of dig­i­tal econ­omy.

“The IDE Frame­work will help these ven­ture cap­i­tal com­pa­nies to en­sure that the funds raised comes from Shari­ah­com­pli­ant sources, in­clud­ing en­sur­ing that their trans­ac­tions and fund in­vest­ments are Shariah- com­pli­ant,” he said.

He said the frame­work, which is ex­pected to be ready by the first quar­ter of next year, would also pro­vide guide­lines or some form of cer­ti­fi­ca­tion for star­tups to en­sure that their prod­ucts and ser­vices are Shariah com­pli­ance.

Hall Amanie di­rec­tor Datuk Dr Mohd Daud Bakar said in de­vel­op­ing the frame­work, the three par­ties en­gaged var­i­ous stake­hold­ers, in­clud­ing Bank Ne­gara Malaysia, the Se­cu­ri­ties Com­mis­sion Malaysia and other gov­ern­ment agen­cies.

“We are work­ing closely with Jakim as they are the cus­to­di­ans of the ha­lal cer­ti­fi­ca­tion of Malaysia. We try not to rein­vent the wheel, but if it is nec­es­sary, we may need to put a new pro­posal to make Is­lamic ven­ture cap­i­tal a work­ing so­lu­tion in Malaysia,” he said. — Ber­nama

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