KUCHING: Bank Islam Malaysia Berhad is targeting to expand its iTEKAD microfinancing programme to at least 50 micro-entrepreneurs in Sarawak this year.
Bank Islam Assistant General Manager, Group Financial Inclusion Division, Mohd Zikri Mohd Shairy said the bank is looking into the challenges faced by the entrepreneurs especially the under-banked entrepreneurs group.
“We feel this group should be approached and given advice besides introducing them to our offers and programmes such as the iTEKAD microfinancing.
“Our bank’s iTEKAD microfinancing is not only a matter of loans and financing but after they get this financing and loan, they will be given continuous guidance for three or five years depending on the duration of the financing loan,” he said.
He said this during a press conference after a briefing with local micro-entrepreneurs in collaboration with Farm Direct Shop (FDS) at Biddy’s Café here on Saturday.
Zikri said among the components that the bank will provide for those getting the financing are continuous education and coaching as well as connecting them to successful entrepreneurs for developing growth mindset in business.
“We also give chances to them to build their business networking, supporting them through our banking facilities and we also support them through market penetration centralised marketing,” he added.
Zikri said since 2020, during the movement control order (MCO) periods until now, the bank has empowered more than 600 micro-entrepreneurs nationwide by disbursing more than RM11 million in financial support under the iTekad.
“For Sarawak, we are still looking for more collaboration partners, and at the moment we are collaborating with FDS to help and expand our programmes.
“We are targeting to help at least 50 micro-entrepreneurs from Sarawak for this year, either through FDS or our other collaboration partners,” he said.
Meanwhile, according to FDS co-owner Alan Hua Foung Wei, as of today FDS has 408 suppliers and 80 percent of them are under-banked.
“Therefore, with today’s programme with Bank Islam, those who came, can learn how to start their company and they also can see their journey in three to five years.
“Our suppliers are mostly rural farmers who produce fresh products for us. They should and they need to be funded and with this, we hope we can reach them so that everything will go well in their businesses,” he said.
Launched in May 2020, ITEKAD is designed to mobilise social finance instruments such as zakat (tithe), sadaqah (alms or donation), waqf (endowment) and social investment fund by offering seed capital with an affordable microfinancing arrangement to eligible applicants.
The programme aims to empower eligible micro-entrepreneurs, including farmers, to achieve financial resilience, generate continuous income and create a sustainable value chain that would benefit the community.
Bank Islam has two iTEKAD programmes namely the iTEKAD BangKIT and Itekad Maju, available nationwide to under-banked and B40-owned businesses.
For more information on Itekad programmes, interested applicants can email Bank Islam at microfinance@bankislam.com.my or browse to www.bankislam.com.
