SeaMoney has launched SFinancing-i, a new Shariah-compliant financing service available through its Shopee app.
This move was made possible through its partnership with Sedania As Salam Capital and Masyref Advisory.
This service offers users access to financing within 24 hours of activation, with disbursement limits of up to RM20,000 and payment periods ranging from 3 to 24 months.
Individual user limits and tenure availability are determined based on internal risk and credit assessments.
SFinancing-i was developed with the expertise of Sedania As Salam Capital as the digital commodity platform provider and Masyref Advisory as the Shariah advisor.
The service utilises a commodity murabaha arrangement, ensuring adherence to Shariah principles.
Sedania As Salam Capital also brings its commitment to sustainability to the partnership, utilizing digital practices to minimize environmental impact.
Currently, SFinancing-i is available to a select group of whitelisted users, with plans to expand access in the future.
To learn more about the application process and fee structure for SFinancing-i, interested users can visit the Shopee website.
Khairul Nisa Ismail, CEO of SEDANIA As Salam Capital said,
“Through our partnership with SeaMoney, Shopee users can transact with confidence, knowing their financing is supported by a fully digital commodity platform adhering to Shariah principles via a commodity murabaha arrangement.
This collaboration not only strengthens Shariah compliant financial services available on Shopee, but also highlights our dedication to empowering FSIs with innovative, compliant offerings that serve the community effectively.”
Khairil Anuar, Principal of Masyref Advisory, added,
“Our role as the Shariah advisor ensures that the financing solutions provided are not only compliant with Islamic principles but also tailored to meet the unique needs of the market.
With our extensive experience in Shariah advisory and Islamic product development, we are committed to supporting innovative financial solutions that uphold the high standards of Shariah compliance.”
This initiative follows Shopee’s earlier introduction of SLoan, a personal loan service launched in February 2023.
