KUALA LUMPUR: Wasiyyah Shoppe Bhd's net profit surged to RM3.05 million in the financial year ended June 30 2024 from RM1.58 million in the previous year.
The company's revenue soared 32 per cent to RM30.50 million from RM22.97 million in the financial year 2023.
Wasiyyah Shoppe is a shariah-compliant trust company in Malaysia specialising in drafting and execution of hibah, wills, estate administration and trust management.
Chief executive officer Ariffn Sabiri said the company had recorded impressive financial performance for the financial year although faced by various economic challenges.
Ariffin said the main factor for the sterling performance was the commitment and team spirit displayed by the board of directors, its shariah advisory panel, staffs and daies of Wasiyyah Shoppe in achieving its business plan for the last financial year.
"Apart from the commitment of all stakeholders, our strategies to focus on aggressively developing our technologies in previous financial year has borne fruits especially the introduction of Usra hibah digital document, the first digital paperless hibah akad in the world.
"Usra hibah digital document has proven to be the main catalyst of our performance last year," he added.
Hibah akad of clients can be executed seamless and borderless at realtime thus contributed to higher demand and better profit margin to the company, Ariffin added.
Albeit the achievement, he said Wasiyyah Shoppe will continue to invest strategically into developing high-valued market segment, its internationalisation strategies and enhancing its digitalisation positioning on top of applying prudent financial management to enhance its foundation in the current financial year.
"We understand as a trust company, our clients put high hopes on us to efficiently and accurately execute their wishes in their inheritance planning," he added.
Ariffin said the strong financial foundation positions Wasiyyah Shoppe on the right platform to become a significant player in the Islamic inheritance industry, thus making Malaysia as the hub for the industry.