Kenanga Capital Islamic, a unit of Kenanga Investment Bank (KIBB), has invested 30 million Malaysian ringgit ($7 million) in peer-to-peer firm CapBay as part of its efforts to address the gap in the market for sharia-compliant financing, according to a company statement on Monday.
The investment is intended to grow CapBay’s sharia-compliant supply chain finance arm CapBay Islamic, which is approved for sharia-compliant P2P financing by the Securities Commission Malaysia.
