BigPay has entered into a partnership with Bank Rakyat to widen access to Shariah-compliant personal financing through the BigPay app. The collaboration allows users to discover Bank Rakyat’s Personal Financing-i offering and continue their application journey via Bank Rakyat’s BRICK virtual banking platform.

The move is aimed at improving access to Islamic financing, particularly for users who prefer managing financial decisions digitally.

Direct Access To Bank Rakyat’s BRICK Platform

Through the BigPay app, users are directed to Bank Rakyat’s BRICK virtual banking platform, where full product information and the financing application process are hosted. This allows users to review financing details before deciding whether to proceed, without needing to visit a physical branch.

While the offering is targeted at active BigPay app users, it remains open to all Malaysians. Individuals who do not yet have the app can download BigPay to access BRICK and learn more about the financing option.

Personal Financing-i InstaCash For Private Sector Employees

Eligible applicants may apply for Bank Rakyat’s Personal Financing-i InstaCash, which is structured under the Tawarruq concept and designed for private sector employees. Financing amounts are available up to RM50,000, with tenures ranging from two to seven years.

Financing eligibility is capped at up to five times a borrower’s monthly gross salary or RM50,000, whichever is lower. Monthly instalments are made through electronic payment, and no guarantor is required. Takaful coverage is optional.

Applicants must be Malaysian citizens, aged at least 18, and not more than 60 years old at the end of the financing tenure. A minimum monthly gross income of RM2,000, including fixed allowances, is required.

Financing Rates And Key Charges Explained

The Personal Financing-i InstaCash facility uses a floating profit rate linked to the Standard Base Rate. At current levels, this results in an effective profit rate of 13.08% per annum, based on the prevailing Standard Base Rate of 2.75% and a margin of 10.33%. Financing taken without takaful coverage carries an additional 1.50% profit rate. The profit rate is subject to a ceiling, capped at four percentage points above the effective rate, which limits how high the rate can rise.

Applicable charges include a wakalah, or agency, fee of RM28.30 and stamp duty of 0.5% of the total financing amount, in line with the Stamp Duty Act 1949. For early settlement, a rebate, known as ibra’, is provided on the remaining deferred profit.

Late payment charges during the financing tenure are set at 1% per annum on the outstanding monthly instalment amount. If the financing exceeds its tenure, charges are capped at no more than the prevailing daily overnight Islamic Interbank Money Market rate on the outstanding balance.

What Consumers Should Consider

For consumers, this partnership offers another digital channel to explore Shariah-compliant personal financing, particularly for those already using BigPay for everyday spending or payments. The ability to review financing terms through BRICK before applying may help borrowers better understand repayment commitments, costs, and eligibility requirements.

As with any personal financing decision, applicants are encouraged to assess affordability carefully and review the full terms on Bank Rakyat’s platform before proceeding, especially given the long-term repayment nature of personal financing facilities.

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