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Wednesday June 13, 2012

MBSB adopts new channel for Islamic banking

It signs with IDOTTV to introduce tawarruq trading in personal financing scheme

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) signed a four-year licensing agreement with Sedania Corp Sdn Bhd's unit IDOTTV, to use the latter's Islamic banking platform to promote its personal financing-i scheme.

IDOTTV is the developer of the Islamic banking Tawarruq trading system As-Sidq, a system which uses telecommunication airtime as the commodity.

MBSB retail business senior vice-president Azman Aziz said the group migrated from Bai Al-Inah to Tawarruq concept because it was encouraged by Bank Negara and it was most acceptable in the Middle East countries.

The As-Sidq transaction would increase our efficiency in corresponding with customers through the usage of short messaging system.

“Furthermore, the As-Sidq transaction would increase our efficiency in corresponding with customers through the usage of short messaging system or SMS, which is the primary mode for the akad transaction.

“This new platform will also enable us to reduce operating costs and contribute towards a green environment, as the whole process is almost paperless,” he told a press conference after the signing ceremony yesterday.

Meanwhile, Sedania founder and group chief executive officer Datuk Azrin Mohd Noor said the deal with MBSB would be the key for the group to grow their market locally, before exploring other countries.

“To further enhance our presence in the country, we target to partner with at least one local bank per month and we are in discussion with two banks currently,” he said.

IDOTTV is one of the leading solution and content providers in the country and specialises in integrating mobile technology into each solution. - Bernama

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