Grab 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. The new product, called Grab Cash Financing-i, allows Grab partners to fulfil 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 RM800t (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.