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Grab Financial Group Introduces Shariah-Compliant Financing Product In Partnership With Sedania

Photo Credit: Grab

Grab has announced the launch of their first Shariah-compliant financing product through its financial arm, Grab Financial Group. Dubbed Grab Cash Financing-I, the offering is created in partnership with Sedania Innovator Bhd’s wholly-owned fintech subsidiary Sedania As Salam Capital Sdn Bhd (SASC).

According to a joint statement, this service will allow the leading superapp’s driver and delivery partners with convenient and secure access to fulfil their immediate home and financial needs. Free of documents or collateral with payments coming from the partner’s daily earnings, this financing option lowers the barriers to micro-financing typically inaccessible to those below a certain income level and who lack a formal credit history.

Both parties went into how this solution was made possible through SASC’s GoHalal Financing Programme which takes care to ensure the financing activities and operations adhere with Shariah principles and practices. The programme contains key Shariah compliance tools to enable Shariah financing, among which are Shariah Advisory Services by Afsha Shariah Advisory and As-Sidq Digital Trading Platform using Digital Commodities for real-time transaction and processing.

Nisa Ismail, Chief Executive Officer of SASC, mentions that it is important micro-financing is made available to all Malaysians and the products and platform are Shariah-compliant to ensure transparency in the financing terms and conditions.

“As the world grapples with the economic impact of the pandemic, access to inclusive financing options in the gig economy remains limited. During this trying time, it is important for every Malaysian to be supported and have convenient access to financial assistance and services that will help them thrive and move forward.”

“We are honoured to work alongside Grab Financial Group to offer the Grab Cash Financing-i programme to their driver and delivery-partners who have been serving as front liners during the pandemic.”

Adding on, Sean Goh, Managing Director and Head of GFG, Grab Malaysia, commented on the take-up rate of 16% noticed among eligible Grab drivers and delivery-partners, with Grab Cash Financing-i as just one of GFG’s collaborative efforts with like- minded partners like Sedania to democratise financial services for everyday Malaysians.

“Our ecosystem, technology and data provide unique insights into our partners’ earnings and spendings, and subsequently their risk scorecard and payment capabilities. We can then customise products that cater to their financial needs.”

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