Kuala Lumpur, 15 Aug 2024 – Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Mohd Na’im Mokhtar today launched the Koha Islamic Digital Platform which was certified by INCEIF University’s consulting subsidiary ISRA Consulting.

The platform offers a broad array of services, including digital will writing, faraid calculation, power of attorney, trust arrangements, financial planning, and legal services.

ISRA Consulting’s significant contributions in the project include:

• Islamic Estate Planning Product Structuring and Endorsement: ISRA Consulting is instrumental in structuring and endorsing Koha’s Islamic estate planning products, such as Wasiat, Faraid, and Hibah, ensuring they are fully compliant with Shariah principles.
• Shariah Adviser Role: As Koha’s appointed Shariah adviser, ISRA Consulting provides expert guidance on all Shariah-related matters, helping Koha maintain the integrity and authenticity of its Islamic offerings.

For fintech platform Koha, the certification by ISRA Consulting, which is supported by a team of distinguished Shariah experts and experienced professionals, underscores the commitment of Koha Islamic Digital to uphold the highest standards of Shariah compliance and integrity in its estate planning solutions.

In his speech, Datuk Dr Mohd Na’im emphasised the critical importance of planning and managing Islamic inheritance, aligning it with one of the five pillars of Maqasid Syariah: hifz al-mal (protection of wealth).

He reminded Muslims on the importance of managing inheritance, such as wills, grants, and jointly acquired assets.

“When the management of assets among Muslims is not properly organised, records showed that nearly RM90 billion worth of assets are frozen. This is a very large amount and a loss for the Muslim community. May this initiative help educate the community to manage inheritance more efficiently,” he added.

The rise in unclaimed property among Muslims in Malaysia has been a critical problem. In 2020, conflicts among heirs, lack of awareness and carelessness were the common factors behind almost RM70 billion in unclaimed property, with a majority of cases involving Malays.

Koha Islamic Digital, which is targeting 10,000 users this year, hopes to the new platform would encourage the community to learn about proper inheritance management as the platform is easily accessible and takes only 30 minutes for a person to complete the documents for wills, grants, and jointly acquired assets. The online service is offered at RM377 per person, regardless of the amount of assets owned.

Koha Digital Chairman Datuk Wira Mohd Hafarizam Harun in his welcome remarks said the company sought ti revolutionise legacy planning by offering a comprehensive range of estate planning services for both Islamic and conventional wills.

Committed to safeguarding family financial futures and fostering harmony, Koha Digital blends advanced technologies with human expertise to provide personalised services that effectively capture and articulate individuals’ wishes and intentions. In ISRA Consulting, Koha Digital seeks the `human touch’ which compliments its IT expertise.

ISRA Consulting plays a crucial role in ensuring that Koha’s Islamic estate planning products and services adhere to the highest standards of Shariah compliance. Thanks to ISRA Consulting’s expertise and guidance, Koha Islamic Digital is able to offer innovative, reliable, and fully Shariah-compliant estate planning solutions. This collaboration ensures that Koha continues to meet the diverse needs of its clients while upholding the highest standards of Islamic finance.

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