Malaysian fintech company MyBarakah Synergy Sdn Bhd has launched a shariah-compliant e-wallet designed to streamline the distribution of zakat, infak, wakaf, and other charitable contributions, providing a fully digital platform for payments and social aid.
Chief Executive Officer Noorhaslizan Shah Sulaiman said the platform focuses on transparency in aid distribution, allowing NGOs and government bodies to disburse funds efficiently. “The main element of MyBarakah is to assist in transparent aid distribution. We handle disbursement on behalf of certain organisations such as NGOs and government bodies. They can use our platform, and zakat recipients will receive digital cards to spend. All expenses are monitored to ensure the aid achieves its objectives,” he said during the MoU signing ceremony with MaMart Go.
The system operates through a digital e-wallet and prepaid Black MyBarakah card, functioning like a Mastercard debit card. Transactions, purchases, and withdrawals are fully traceable, ensuring that funds reach eligible recipients and are used according to their intended purposes, such as education, food, or daily necessities.
“MyBarakah is not just a transaction tool but a social platform supporting the distribution of zakat, charity, and donations in a more organised, transparent, and trackable way. Every contribution goes directly to eligible recipients, with clear records accessible to donors and fund administrators,” Noorhaslizan added.
The platform supports digital onboarding with e-KYC verification using a Malaysian identity card or passport and mobile number for TAC authentication. Physical cards are accepted worldwide through the Mastercard network, with chip, PIN, and contactless features, allowing online and ATM transactions.
More than 3,000 recipients, primarily from asnaf communities, have already registered under MyBarakah, with around 1,800 new users expected by the end of the year. The system ensures funds are spent only at registered merchants aligned with the designated purpose.
All product and service developments are guided by shariah advisors to ensure compliance. The company also collaborates with strategic partners, including AirKashier Communications, to manage payment infrastructure.
Looking ahead, MyBarakah plans to integrate blockchain technology and tokenisation of real-world assets to improve transparency and traceability for wakaf projects. Contributions can be made globally using digital assets like Bitcoin, which are converted into real funds for projects such as hospitals or educational institutions. “This approach allows wakaf to be borderless. Contributors from overseas can donate directly, and the process can be tracked and verified via blockchain technology,” Noorhaslizan said.
The platform has also registered internationally on CoinMarketCap to comply with global regulations, preparing for eventual local legislation. Noorhaslizan highlighted MyBarakah’s ambition to become a leading Islamic fintech platform in Malaysia and globally, connecting donors, recipients, and financial institutions in a fair, transparent, and borderless ecosystem.
