KUCHING, Aug 5 — Bank Islam Malaysia Bhd (BIMB) has expanded its Tekad microfinancing programme access to local farmers and entrepreneurs in Sarawak via a collaboration with a local social enterprise, Farm Direct Shop (FDS).
Group Financial Inclusion Division assistant general manager, Mohd Zikri Mohd Shairy said the bank is helping to advance the food value chain by offering opportunities for smallholder agriculture and small business owners to enhance their skills and capabilities through iTekad.
“FDS provides a platform that facilitates direct sales to consumers by showcasing their produce and products and marketing through the WhatsApp messaging service and its outlet.
“With FDS’ support, we can engage directly with more than 400 suppliers via the platform,” he said in a statement today.
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 microentrepreneurs, including farmers, to achieve financial resilience, generate continuous income and create a sustainable value chain that would benefit the community.
In addition to working capital funding, iTekad involves collaborations with selected implementation partners such as State Islamic Religious Councils, government agencies, social enterprises and non-government organisations.
Through the strategic partnership, recipients will receive structured entrepreneurship and financial management training to ensure a more holistic understanding, skills and knowledge in managing their venture efficiently and viably.
Bank Islam has two iTekad programmes – iTekad BangKIT and iTekad Maju – available nationwide to underbanked and B40-owned businesses.
Since its launch, more than RM11.7 million worth of financial support had been given to 675 microentrepreneurs nationwide.
“By working together, we can nurture this unbanked and underserved segment of the community to become a new generation of farmers and business owners, capable of taking on challenges in the future,” Mohd Zikri added. — Bernama
