The Malaysian Investment Development Authority and Bank Islam Berhad inked an MOU to form a partnership in providing financial services to new and existing domestic and foreign investors in Malaysia.
Datuk Arham Abdul Rahman, CEO of MIDA, “In response to the changing global business landscape, the Government, through MIDA, not only strives to promote the development of industrial ecosystems, but also seeks to cross-collaborate with relevant and supportive partners to maintain our robust ecosystem, which allows companies, including small and medium-sized enterprises (SMEs), to thrive.”
The SMEs in Malaysia plays a vital role in the economy, contributing more than a third of gross domestic product and providing job opportunities to more than four million workers in Malaysia. Through this collaboration, MIDA hopes to leverage such opportunities to promote various fundraising facilities to empower and finance commercial growth, profitable ideas, and businesses, allowing entrepreneurs and business owners to raise capital from the public and private markets.
Mr. Mohd Muazzam Mohamed, BIMB GCEO, said, “through our comprehensive suite of Shariah-compliant product offerings, we will allow foreign SME investors to venture and fortify their market presence in Malaysia, contributing to the country’s economic recovery post-COVID-19 pandemic. This partnership between MIDA and BIMB would provide a platform to over 3,000 SME customers within our portfolio the access and opportunity they need to expand their offerings to markets beyond our shores.”
The collaboration will also explore other opportunities for Bank Islam like the Domestic Investment Strategic Fund (DISF) and other grants provided by MIDA. Apart from giving customised financing package deals for new and existing foreign SME investors, the Bank will also include financial guidance and accessibility through its SMEXpert mobile application.
The partnership is seen as being timely to provide adequate financial support to industry players, particularly domestic investors, in expanding the Government’s efforts to facilitate investments in Malaysia.
