BIMB Holdings Sdn Bhd, a subsidiary of Bank Islam, has formed a joint venture with RELDYN to create FINODYN, a Technology Financial (techfin) entity aimed at enhancing the Shariah-compliant digital finance sector.
Under this agreement, BIMB Holdings holds 40% equity, while RELDYN holds 60%. FINODYN will adopt a business-to-business model, concentrating on providing financial and banking platforms that deliver Shariah-compliant financial solutions, along with consulting, maintenance, and support services for various businesses and organisations.
The collaboration aims to leverage the expertise and innovation of both entities to develop platforms that are fully aligned with Islamic finance principles, ensuring ethical financial offerings, and designed for quick implementation with minimal customisation in order to speed up time to market.
The venture is focused on cost-efficient development processes that optimise resources while fostering continuous innovation.
This initiative supports Bank Islam’s five-year growth roadmap, LEAP25, which highlights digital transformation as a key driver for long-term sustainability.
Bank Islam Group Chief Digital Officer, Noor Farilla Abdullah, remarked,
“The establishment of FINODYN represents a symbiotic collaboration, enabling Bank Islam, through BIMB Holdings and RELDYN, to leverage our respective strengths in driving sustainable growth and mutual value. We are optimistic this partnership will accelerate the expansion and advancement of the Islamic digital finance sphere while delivering long-term Shariah-compliant solutions that empower the market.”
Moreover, this strategic alliance positions Bank Islam to offer Islamic Banking-as-a-Service (iBaaS), enhancing its innovative financial solutions across various markets.
The joint venture will unfold in three phases, beginning with an initial two-year phase focusing on product and infrastructure development, followed by a rapid sales phase aimed at increasing market penetration.
Featured image credit: edited from freepik
