Expo 2020 Dubai: The Malaysian Companies Ready To Break Into The Global Islamic FinTech Market

From January 9 to 15 2022, Malaysia Digital Economy Corporation (MDEC) will be leading a delegation of 20 Malaysian companies to Expo 2020 Dubai as part of the Malaysia Digital Economy week. These include companies from Malaysia’s thriving Islamic FinTech industry.

“Islamic Finance and FinTech are seen as a crucial pillar within the Twelfth Malaysia Plan (12MP) not just in driving a progressive, inclusive, and sustainable society, but towards expanding the country’s export market. Expo 2020 Dubai will serve as an important platform for these local Islamic FinTech innovators to reach a global market in line with MDEC’s vision for Malaysia to be an Islamic FinTech hub,” said Mahadhir Aziz, CEO, MDEC.   

Here are the Malaysian Islamic FinTech players set to break into the global stage:


microLEAP is an Islamic and Conventional Peer-to-Peer (P2P) microfinancing platform regulated by the Securities Commission of Malaysia (SC).

The platform serves as an alternative financing tool that allows issuers to obtain financing from investors without having to go through a financial institution. They are the first Malaysian P2P operator that offers both Islamic and Conventional financing on the same platform.

microLEAP experienced tremendous growth in a short period of time. After going live with their Islamic P2P investments in April 2020, their funded notes grew by over 1,000 percent in a space of four to five months. As of April 2021, the platform has successfully help fund over RM2 million across 71 funding notes – 97 percent of which are Islamic.

The platform in 2021 raised US$3.26 million in equity and other modes of financing from Malaysian investment holding company MAA Group. It has since begun several key partnerships, including with Malaysian Technology Development Corporation (MTDC) and MoneyMatch.

microLEAP has also partnered with MDEC under the agency’s eBerkat campaign. More recently, it is collaborating with Bank Pembangunan Malaysia Berhad (BPMB) to finance MDEC’s Digital AgTech programme.


Created and launched by actress and successful entrepreneur Noor Neelofa Mohd Noor, TheNoor (meaning ‘Light’ in Arabic) is described as the ‘Ultimate Muslim Lifestyle App’. The app allows users to keep track of prayer times and listen to verses from the Quran. On top of features such as a Qiblah finder with real-time detection, the app also functions as an eWallet. 

Since its release in 2020, TheNoor has already garnered five million users. More features are en route, include more languages for its voice over translations of the Quran. More recently, it partnered with Tabung Haji Travel & Services Sdn Bhd to offer Syariah-compliant travel and holiday services.

The collaboration connects businesses to the global halal tourism industry, offering umrah and haj packages through the app. It will enable users to conduct everything from the early stage of registration right up to the completion of the Islamic pilgrimage.

In July 2021, TheNoor partnered with insurance provider Zurich to offer free personal accident coverage for the app’s users.

Global Sadaqah

Global Sadaqah is an award-winning zakat and waqf management platform working together with stakeholders from religious bodies and foundations to banks, corporates, and the public to increase the “efficiency, sustainability, and impact of social finance.”

The Islamic crowdfunding platform is open to the public and corporate clients to contribute to zakat or waqf campaigns, which are verified and approved by their in-house Shariah team. 100 percent of the campaigns are from trusted and verified partners, with enhanced due-diligence and KYC (Know-your-Customer) in place.

Global Sadaqah also provides fund matching by corporate partners for eligible campaigns and promises zero compromise safety and security standards. Donations are facilitated through 11 channels, including eWallet providers in Malaysia, Bitcoin, and digital gold.

The platform is fast gaining popularity, having grown more than double every year for the past two years. In February 2021, Global Sadaqah raised RM450,000 (US$106,000) on crowdfunding platform Ethis Malaysia, attracting investors from 10 countries including strategic angel investors.

WAHED Technologies

WAHED Technologies is an Islamic digital investment management company which provides Malaysians access to Shariah-compliant robo-advisory portfolio that is transparent and impartial. They are backed by leading investors and advisors bringing ethical and halal financial management to communities globally.

The platform currently serves more than 200,000 clients across more than 100 customer countries. WAHED now has 11 offices and nine regulatory licenses. The platform’s portfolios are a group of securities mainly across stocks and sukuks (Islamic bonds), which they will automatically invest in according to the client’s specific risk profile.

WAHED has won multiple awards including Best Islamic Robo-Advisory Platform at the World Islamic FinTech Awards 2020.

To learn more on Malaysia’s offerings in Expo 2020 Dubai and to schedule an appointment with MDEC, visit heartofdigitalasean.my

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