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Wasiyyah records best results since inception in 2004

Kuala Lumpur, 18th January 2022,

Shariah-compliant trust company Wasiyyah Shoppe Bhd has seen significant growth with revenue rising 61 per cent year-on-year to RM20.3 million in the year ended June 30, 2021, from RM12.4 million previously.

Its pre-tax profit surged 217 per cent to RM3.03 million from RM954,682 recorded in the same period a year ago.

Chief executive officer Ariffin Sabirin said this was the best financial performance recorded by Wasiyyah since its inception in 2004.

A key factor to the stronger financial performance was the introduction of an online hibah contract in May 2021.

“The financial year 2020/2021 is the most challenging year because this is the year that the MCO was first enforced in Malaysia when the Covid-19 pandemic struck. While the uncertain environment has affected many businesses, Wasiyyah has managed to get through it by implementing a variety of innovative digital strategies,” Ariffin said in a statement.

Wassiyah said as the pioneer of the hibah method and the largest provider of hibah in Malaysia, hibah contributed 65 per cent of the company’s revenue and was expected to continue to be a major contributor for the coming financial year.

Ariffin said the Covid-19 pandemic had significantly changed consumer behaviour, economic structures and business landscape around the world.

“As a market leader, Wasiyyah has identified changes and has, is and will continue to take all necessary steps to revolutionise our business especially in terms of introducing various innovative digital methods and provide the best service to the ummah,” he added.

Source: New Straits Times

Full Article: https://www.nst.com.my/business/2022/01/763957/wasiyyah-records-best-results-inception-2004