SocioBiz is Bank’s first social crowdfunding platform to help fund efforts of the financially disadvantaged to earn a sustainable livelihood

Kuala Lumpur, 16 May 2019 - Alliance Islamic Bank Berhad (“AIS”), the Islamic banking arm of Alliance Bank Malaysia Berhad, today launched its first-ever social crowdfunding platform, SocioBiz, for financially disadvantaged individuals seeking to raise funds to start or expand a business, or learn a new life skill to earn a sustainable livelihood.

AIS formalised their partnership via a Memorandum of Collaboration with Islamic fintech venture builder, Ethis Ventures Malaysia, and beneficiary partners, Yayasan Kebajikan Negara (YKN), Yayasan Noor al-Syakur (YANAS), and Pertubuhan Kebajikan Islam Malaysia (PERKIM).

Chief Executive Officer of AIS, En. Rizal IL-Ehzan said, “Our aim is to provide an ecosystem where people can channel their donations to empower individuals to be economically independent through businesses.”

He added, “Funds sourced through this platform will go towards helping individuals be financially independent either through starting or growing a business, or through acquiring new skills. This charity ecosystem also seeks to address two key challenges for donors and recipients, i.e. the transparency of the overall allocation and distribution of funds sourced for charity, and the credibility of the cause or recipient.”

With a long term view in mind, this is one of the projects that was inspired by the Bank’s desire to channel zakat in a meaningful manner. “Our role is to connect communities to viable and sustainable financial solutions. For the first year, 100% of the funds sourced will be channelled to the recipients as AIS will bear all the administration fees. This will enable individuals seeking funding to leverage on this opportunity at no cost to them. This year, we aim to help raise up to RM240,000 for the different campaigns. We also pledge to match the contribution raised from the public,” added En. Rizal.

The AIS’ SocioBiz platform carries the tagline “Empowering Communities through Entrepreneurship”, which sums up its intentions of creating greater socioeconomic impact.

“Ethis Ventures is very excited to partner AIS to bring to the community a social crowdfunding platform under GlobalSadaqah.com, which integrates Islamic finance principles. Through partnership, we offer donors and recipients an innovative and transparent platform to connect. We hope to inspire more donors and financial institutions to partner with us and create an impact on other areas of need within our communities,” said Encik Umar Munshi, Managing Director and founder of Ethis Group and Ethis Ventures.

AIS SocioBiz’s intention is to identify and promote at least two recipients each month on the platform. The role of the beneficiary partners includes management and verification of the shortlisted recipients. They also provide updates on fund usage and recipient status, as well as manage the administration of tax receipts to donors who opt to receive it.

In future, AIS’ SocioBiz platform will include social enterprises that are focused on elevating or improving social or environmental issues, start-ups, and small-to-medium enterprises (SMEs).

To-date, SocioBiz has rolled out six campaigns, and successfully raised over RM23,000 through its platform. To find out more about the causes and opportunities to contribute, please visit www.sociobiz.com.my.

Big Smiles for SocioBiz! (From left to right): Yang Berbahagia Datin Paduka Che Asmah Ibrahim, Chief Executive Officer of Yayasan Kebajikan Negara (YKN); Yang Teramat Mulia Tunku Puan Sri Dato’ Hajjah Noor Hayati, Ketua Wanita PERKIM and Founder of Yayasan Noor Al-Syakur (YANAS); Yang Berusaha En. Gafino Arshad, Head of Islamic Operations of Alliance Islamic Bank; and Yang Berusaha En. Umar Munshi, Managing Director and Founder of Ethis Ventures.

About Alliance Islamic Bank

Alliance Islamic Bank Berhad (AIS) is a wholly-owned subsidiary of Alliance Bank Malaysia Berhad (Alliance Bank), and offers a wide complement of Shariah-compliant products and services for consumers and businesses. AIS is an ardent promoter and supporter of initiatives that create positive impact on business, the community, and the environment.

About Ethis Ventures

Established in late 2017, Ethis Ventures (Ethis) is a pioneer Islamic Fintech Enterprise that develops award winning services to empower and uplift humanity through socially impactful projects. Ethis connects you directly to the best and most deserving campaigns, through its Crowdfunding community of impact investors and donors, to serve the lower strata of society. Its two online crowdfunding platforms, EthisCrowd.com and GlobalSadaqah.com, came top among 135 nominees at the recent World Islamic Fintech Awards as The Best Islamic Peer-to-Peer Finance Platform and The Best Social Impact Islamic Fintech Firm respectively. Ethis is headquartered in Malaysia with a team of 15 passionate young talents from diverse backgrounds, united in their pursuit to circulate good.

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