Axiata Digital, the technology arm of telecommunications giant Axiata, through its microfinancing platform, Aspirasi, has unveiled a Shariah compliant digital finance product, underscoring the group’s commitment to capturing opportunities in the Islamic finance space.
Known as Aspirasi CashNow, the scheme is available through e-commerce platform Lazada, offering Lazada Wallet users access to commodity Murabahah-based financing from RM500 (US$121.28) to RM2,500 (US$606.41). The financing is also complemented with micro-insurance coverage, underwritten by Great Eastern General Insurance (Malaysia), providing coverage for accidental death, permanent disablement and online bill protect benefits.
This builds upon an existing partnership between the two entities in 2019 under which Aspirasi provided working capital support to MSMEs merchants on the Lazada platform. The latest move to design Aspirasi CashNow as Shariah compliant is a strategic one and in line with the group’s strategy to penetrate the Islamic finance market. From integrating Shariah elements into its digital wallet (Boost) such as Sadaqah to forming a partnership with CIMB Group – the parent of Islamic banking powerhouse CIMB Islamic – to explore Shariah fintech proposition.