Kuala Lumpur, 28 April 2021 - Recently, leading Shariah-compliant microfinancing platform microLEAP announced that it would help selected Bazaria Wangsa Maju traders raise up to RM 50,000 per stall. The announcement comes on the heels of a turbulent period as a result of the pandemic which has seen an economic downturn this past year.
While the government has greatly helped many small businesses throughout this pandemic, it is the responsibility of all parties, including private entities, to ensure the survival of Malaysia’s microeconomy. microLEAP looks to provide support by creating opportunities for Bazaria Wangsa Maju stall owners this Ramadhan to raise funds and educate them on better financial management. microLEAP does this through its complementary videos and sessions that walk business owners through basic debt management, accounting training, and the process of applying for alternative financing on the microLEAP website. Moreover, free personal accident insurance is also provided, for added security.
“We appreciate the financial support provided by the government as well as private organizations at a time when many small traders are facing financial hardship due to COVID-19. microLEAP’s microfinancing platform is an alternative means for small traders to raise funds to keep their businesses going without having to rely on loan sharks. It is also my hope that true partnerships will develop between microLEAP and the Bazaria Wangsa Maju traders. This will open up new opportunities for the traders as they can continue to rely on microLEAP to help raise funds in times of need.” said Wangsa Maju Member of Parliament (MP), Datin Paduka Dr. Tan Yee Kew.
Furthermore, microLEAP makes applying for financing through its platform seamless for Issuers, as the entire process is digital. All that is required is basic information and documentation such as a copy of the Issuer’s MyKad, bank statements going back six months, and the most recent financial statement, among others. Issuers can be as young as six months old when applying for financing on the microLEAP platform This means that newer businesses can also benefit. Having fully funded a listing in as short a period as 30 minutes, microLEAP ensures that approved Issuers will be able to raise funds quickly, securely and in a Shariah-compliant manner.
“We started microLEAP to bring an easy-to-use platform for both Issuers and Investors to those who need it the most. We focus primarily on microfinancing where approved Issuers are able to raise as low as RM 1,000 and up to RM 50,000 and have seen tremendous growth of the platform from when we formally launched in 2019. We hope that through our partnership with Bazaria Wangsa Maju, we will be able to help traders gain access to the means of raising the funds they need to sustain themselves throughout this festive period and hopefully, experience long-term growth even after Hari Raya as they expand their operations,” commented Tunku Danny Mudzaffar, Founder & CEO of microLEAP.
One of the beneficiaries of this collaboration, AFM Deals Enterprise, that sells branded scarves at Bazaria Wangsa Maju has seen huge success in their attempt to raise funds through microLEAP. The partnership has resulted in a successful funding of RM 50,000 towards AFM Deals Enterprise.
“I am extremely grateful for the opportunity to have raised funds in a Shariah-compliant manner through an alternative platform like microLEAP. The process of applying to be an Issuer with microLEAP was smooth and very quick, and even included educational videos that helped me understand how to keep better track of my finances. I plan to use the funds to sustain and further grow my business throughout the Ramadhan period and beyond. The entire process only took three weeks, and I would like to thank microLEAP as well as the investors for their trust in me and for making this happen,” added Ahmad Faisal, Founder of AFM Deals Enterprise.
More than a year after COVID-19 plunged Malaysia and the rest of the world into a period of great uncertainty, we are fortunate enough to have regained some sense of control over the spread of the virus, albeit with several standard operating procedures (SOPs) in place. The month of Ramadhan in 2020 saw us staying home to curb the spread of the disease but in this year, there is renewed hope for a more vibrant yet cautious festive season.
To find out more about microLEAP and the services they offer, please visit www.microleapasia.com available in both Bahasa Malaysia and English.
