India’s first Shariah-compliant P2P platform targets growing vehicle finance market
Photo: A sales executive speaks on his mobile phone as he stands in between Maruti Suzuki cars inside a showroom in New Delhi April 9, 2013. Picture taken April 9, 2013. REUTERS/Adnan Abidi
For the first time, Indians seeking vehicle financing have the option to do so in consonance with Shariah. The ecarworld.in peer-to-peer (P2P) platform offered by Bengaluru-based fintech start-up ECW Consultants uses the ijara rent-to-own model.
“Since our business model is Shariah-compliant, it works well for those who want to stay away from interest-based financing. Such people do not have many such options in India,” Arshad Mirza, ECW Consultants chief technology officer, told Salaam Gateway.
“Most of the existing companies are currently using the P2P model purely for interest-based lending,” Mirza added.
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Syed Ameen Kader, White Paper Media