Yadim defends investment in streaming service Nurflix

·2-min read
Yadim defends investment in streaming service Nurflix
Yadim defends investment in streaming service Nurflix

Yayasan Dakwa Islamiah Malaysia (Yadim) has defended the trust's investment in streaming service Nurflix.

This was after Pokok Sena MP Mahfuz Omar yesterday raised in Parliament about several financial decisions made by the government-backed trust.

Mahfuz, among others, questioned an RM500,000 capital injection and another RM500,000 soft loan for Yadim's subsidiary Lembaran Yadim Sdn Bhd (LYSB) as well as an RM1 million investment in Nurflix through LYSB.

He also questioned the rental of a guesthouse for Yadim president Nasrudin Hassan.

Yadim chief executive officer Kamarul Arief Tuan Soh confirmed plans to invest in Nurflix but stressed that no funds have been transferred yet.

"To date, no funds have been channelled to the company and both sides are finalising the terms of agreement before Yadim, through its subsidiary, purchases a 10 percent stake in the company.

"(The purchase) will put Yadim in a strategic position to expand its dakwah to new spaces of Islamic education and entertainment through streaming technology which has a wider reach," he said in a statement today.

Launched in 2020, Nurflix is a streaming platform that provides Syariah-compliant content.

The entertainment content streaming space is dominated by billion-dollar giants such as Netflix and Disney Hotstar which have squeezed out smaller players.

Among the casualties are Star Media Group Bhd's Dimsum Entertainment which ceased operations on Sept 30 while iflix is also struggling with its co-founders quitting the firm.

Yadim's new business plan

Kamarul said the RM500,000 capital injection and RM500,000 soft loan for LYSB were intended to assist the subsidiary in its new business plan.

He informed that Yadim's subsidiary was entering the grocery space with the setting up of Yadim mart and trading on top of real estate management.

The business plan is intended to revive LYSB's financial position which has seen losses cumulated since "the previous Yadim leadership," he added.

On the rental of a guesthouse for Nasrudin, Kamarul explained that the Yadim president paid for it himself.

He also disputed Mahfuz's claim that RM22,000 worth of furniture were used to furnish the guesthouse.

"The RM22,000 worth of furniture is untrue because what is being used (for the guesthouse) are existing ones belonging to Yadim and LYSB," he said.

He added that the matter was audited by the National Audit Department which did not find any wrongdoing.

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