Boost Forays into Islamic Fintech with New MSME Financing Scheme

Boost Forays into Islamic Fintech with New MSME Financing Scheme

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Axiata’s fintech arm Boost is offering micro, small and medium enterprises (MSMEs) financing up to RM100,000  financed through its digital lending subsidiary Boost Credit that was formerly known as Aspirasi.

‘Capital Plus’ is a Shariah-compliant micro-financing facility based on commodity murabahah that is ideal for MSMEs.

It offers financing from RM1,000 up to RM100,000 over a 15-month tenure at a low profit rate of 1.2% per month, with no repayment of principal for the first three months.

Boost said that the application process will not take more than 10 minutes and the funds will be disbursed within 48 hours for the merchants on its platform.

MSMEs do not need any guarantor or collaterals to apply for this financing.

Sheyantha Abeykoon

Sheyantha Abeykoon

Sheyantha Abeykoon, CEO of Boost expressed,

“The pandemic has posed many challenges for MSMEs to continue running their businesses. For most MSMEs, the challenge of maintaining steady cashflow weighs heavily on their minds.

 

One of the key aspects we have incorporated into ‘Capital Plus’ is a three-month moratorium for MSMEs. We hope that MSMEs will find this micro-financing facility helpful in giving a boost to their recovery journey and provide them the much-needed capital to re-start their businesses,”

 

 

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