BUSINESS

SEDANIA AS SALAM EXPANDS INTO TURKEY WITH INNOVA PARTNERSHIP

01/10/2021 12:15 PM

KUALA LUMPUR, Oct 1  -- Sedania As Salam Capital Sdn Bhd (SASC) has inked a Memorandum of Understanding (MoU) with Turkish financial technology (fintech) company, Innova Yonetim Danismanlik Ve Bilisim Teknolojileri Ltd Sti (Innova).

In a statement today, SASC said under the MoU, the parties will collaborate on upcoming projects, unlock new market opportunities and promote innovative fintech services in Turkey. 

Chief executive officer Khairul Nisa Ismail said the partnership marked a major milestone for the company as this was its first foray into an international market.

“We were approached by Innova to join forces in fostering the growth and development of Islamic finance sector in Turkey.

“This validates SASC’s capability in the industry and at the same time further elevates our growth strategies,” she said in a statement today.

Headquartered in Istanbul, Innova specialises in the digital transformation of companies in Turkey, including supporting the country's vision to transform İstanbul into an integrated financial hub in the Middle East.

SASC said a key element of the MoU is the development of a holistic Tawarruq-based portfolio within Turkish Islamic banking sectors, starting with traditional commodities, followed by digital commodities.

The tawarruq concept of financing and credit processing would be fully executed via a digital platform established by SASC.

According to Fitch Ratings, the Turkish Islamic banking assets recorded a growth of 54 per cent in 2020, surpassing the growth of conventional banks which stood at 36 per cent.

“Industry experts predict that the Islamic banking segment will grow by 25 per cent by 2025.

“Additionally, with the increasing support from the Turkish government towards Islamic banking system and fintech practices, SASC is confident that it will thrive as one of the key valuable fintech players in the region,” the company said.

-- BERNAMA

 

 


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