Aditya Hadi Pratama · · 1 min readGrab to provide Shariah-compliant financing for Malaysian drivers
Regional super app Grab, through its financial arm, has partnered with Sedania As Salam Capital to provide a Shariah-compliant financing product for its drivers and delivery partners in Malaysia.
Photo credit: Grab
The new product, called Grab Cash Financing-i, allows Grab partners to fulfill their immediate household and financial needs without any documents or collateral. Payments will come from the partners’ daily earnings.
In a statement, Grab said that the product will be offered to drivers and delivery partners under 75 years old with a minimum monthly earning of 800 ringgit (around US$190).
The Singapore-based company has introduced the new product through a pilot test in December 2021. According to the firm, around 16% of eligible partners were availing it at that time.
See also: Org Chart: The people driving Grab
Sedania As Salam Capital is a subsidiary of Malaysian Shariah-focused fintech firm Sedania Innovator. The firm provides financial products through its GoHalal Financing Program, which uses digital commodities for real-time money transactions and processing.
Currency converted from Malaysian ringgit to US dollar: US$1 = 4.2 ringgit.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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