Bank Muamalat is acting as the investment manager for the exercise, where the RM10mil is expected to generate a return of 6.5% per annum to investors.
Proceeds raised from the IAP will be used by Perak Transit for its working capital.
The IAP is a centralised multi-bank platform that enables investors to directly finance ventures of their choice according to the risk-return preferences.
The platform intends to enable businesses like SMEs, corporates, new growth industries and entrepreneurs to gain access to financing.
Investors can register at iaplatform.com to place their investments in Perak Transit, which starts at a minimum of RM10,000.