SEDANIA’s Fintech unit, SEDANIA As Salam cemented its reputation as one of the leading, if not the leading Shariah-compliant fintech solutions provider as its patented As-Sidq platform was recently endorsed by AFSHA Shariah Advisory Sdn Bhd (AFSHA), an institutional audit certification body.
This adds credence to the As-Sidq platform, which has already secured academic compliance certifications from Islamic Banking Finance Institute of Malaysia (IBFIM) and is in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) standards.
The accreditation by AFSHA of the As-Sidq digital commodity trading Tawarruq platform validates that the structure and documents of the As-Sidq platform are Shariah-compliant and does not infringe any Shariah rulings for Islamic Financial products.
This is unlike other traditional forms of commodities, such as precious metals and agricultural-based commodities used to facilitate Tawarruq trading whereby the usage of these commodities may not be sustainable.
Among the key features of As-Sidq which were pivotal in ensuring a successful review and vetting process included the Tawarruq process flow and sequence of As-Sidq for both single and dual agencies, various trading documents and e-certificates, As-Sidq’s integration with Financing Origination System (FOS) and Core Banking System (CBS), as well as Telco Airtime offered as a digital commodity on As-Sidq.
SEDANIA As Salam’s CEO, Nisa Ismail said, “This latest certification of our well-recognised As-Sidq platform showcases our inherent commitment towards ensuring that our innovative digital platform fully complies with all the requirements and does not infringe on the core principles of Shariah. Such endorsement from a reputed institutional body further enhances the viability and commercial appeal of As-Sidq.
“AFSHA certification covers various financial institutions ranging from top tier established banks to small credit cooperatives, enabling us to further extend our outreach. In line with SEDANIA’s mission to improve lives sustainably, this Shariah accreditation helps us better fulfill our mission as AFSHA advocates for the innovative development of Islamic Financial Products offered under the contract of Tawarruq to better address environmental, social and governance (ESG) issues.”
As a fully digital financial marketplace, As-Sidq enables the entire credit facilitation process in a digital manner by acting as a consumer acquisition and content platform for financial services institutions, as well as seamlessly connecting consumers to a range of Islamic Banking products.