Bank BRI Syariah has signed an agreement with Grab Indonesia, according to the bank. The deal will see the bank providing microfinancing facilities to MSMEs that use Grab’s culinary platform, Grab Food.
Recipients will get access to microfinance with a maximum ceiling of up to IDR200 million (US$13,758.4) with a sale and purchase scheme (Murabahah) and a lease of up to five years. The bank will select the merchants eligible for financing facilities under its Shariah KUR scheme.
Bank BRI Syariah’s director of retail business, Widodo Januarso, said that in the first year, he is targeting IDR2 billion (US$137,584) in microfinance facilities under the collaboration.