Supporting micro-entrepreneurs

WANCORP has channelled RM120,000 in corporate waqf benefits. These funds have been allocated to Sadaqa House, Bank Islam’s social finance division. The funding will be used as a revolving fund to offer the iTEKAD Microfinancing Programmes: iTEKAD BangKIT and iTEKAD Maju.

Each programme aims to empower the asnaf and B40 entrepreneurial communities. The programme will help micro-entrepreneurs generate sustainable income and stay afloat during challenging times.

In a ceremony held in Johor Bahru, WANCORP’s Chief Operating Officer Tuan Haji Bahrin Bakri, formally handed over the donation to Bank Islam’s Group Chief Executive Officer (CEO) Dato Mohamad Muazzam Mohamed.

WANCORP’s contribution can help micro-entrepreneurs expand their businesses. This funding enables more micro-entrepreneurs, especially those in underserved communities, to access banking services.

“The revolving fund model will enable support for more micro-entrepreneurs compared to providing business grants. Entrepreneurs that have been identified can receive iTEKAD BangKIT micro-financing of up to RM20,000 at 0 per cent interest,” said Muazzam.

To date, over 1,200 small entrepreneurs have benefitted from more than RM25 million disbursed since the programmes were introduced in 2020.

Furthermore, the fund will cover the entrepreneurs’ working capital and business expenses. Besides this, the fund will be utilised to provide training programmes in financial management and business practices.

Overall, the fund ensures that entrepreneurs receive monetary support and gain the necessary expertise to grow their businesses.

BIMB and WANCORP share the goal of helping underprivileged communities through Islamic social financial instruments.

“We are grateful to Waqaf An-Nur and all contributors for this collaboration. We hope this joint venture will continue to grow, fostering prosperity for society in the future,” expressed Muazzam.