Sunday, June 16, 2024
Editor's PickXanderia expands Islamic digital finance offerings

Xanderia expands Islamic digital finance offerings

Malaysian Islamic personal financing digital platform Xanderia is on an expansion spree: after having expanded into Indonesia, the firm now has introduced new consumer finance products to its home market.

A total of five new products were launched: Umrah travel personal and family package financing; Home Solar financing package; a financing product catered to civil servants to start the ‘Kangen Water Business Entrepreneurship Program’ as a secondary source of income; Home Renovation financing with a contractor completion guarantee scheme; and Home Audio financing package.

This range of new products follow the introduction of motor Takaful services earlier this month.

Incorporated in 2018 in Kuala Lumpur, Xanderia targets civil servants exclusively.

“Our aim is to disrupt the B40 (bottom 40% income earners) market which is currently underserved by the current financial service providers,” according to the firm’s website. It intends to be carbon neutral by 2025.

Its personal financing product received a Shariah compliance certificate in 2020 by Amanie Advisors.

In March, the firm partnered with several business and tech-related entities in Indonesia to launch Xanderia Investama, a Shariah compliant consumer finance company.

“Xanderia’s expansion in to Indonesia is to bring our business of Shariah compliant consumer/personal financing products in Malaysia to the bigger customer base of cooperation organizations and members of Indonesia,” the company previously told IFN, the sister publication of IFN Fintech.

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