CIMB Islamic Bank Berhad together with programme partners Yayasan Waqaf Malaysia and Yayasan Belia Malaysia will continue the iTEKAD CIMB Islamic Rider Entrepreneur Programme into its second edition.
The programme supports Bank Negara Malaysia’s iTEKAD umbrella initiative, which mobilises social finance to support the asnaf and B40 communities to achieve financial resilience and generate sustainable income. The Rider Programme aims to provide participants with job opportunities as food delivery riders with foodpanda Malaysia, supplemented by quality training from Taylor’s Community on entrepreneurship. YWM’s role in this strategic partnership is as a waqaf fundraiser, whilst YBM is
the programme’s overall coordinator mobilising the procurement and distribution of motorcycles to the participants.
CIMB Islamic together with YWM jointly committed a Waqaf contribution of RM300,000 as seed funding for the programme, through the application of the Waqaf Muaqqat (Temporary Waqaf). Through the application of Waqaf Muaqqad, the funds collected will be changed to motorcycles and handed over to YBM as a Temporary Waqaf, which is bonded for 12 months. Within the same Waqaf period, YBM will hand over the motorcycles to the programme participants as “Ariyah” commonly known as loans. Once the Waqaf period is concluded, the motorcycles will be given to the participants as gifts upon successful completion of the programme within the agreed terms and conditions.
Waqaf products used in this programme are a priority in the current administration of Islamic affairs as it is aimed at providing assistance to those in need, especially the asnaf and B40 communities.” Ahmad Shahriman Mohd Shariff, Chief Executive Officer, CIMB Islamic said, “We continue to see the importance of our Rider Entrepreneur Programme which provides economic assistance to participants from the asnaf and B40 communities, including entrepreneurship skills that will help them improve their livelihoods.
The first year of the programme kicked off with 40 participants, and with positive responses from the communities, the rider programme will be onboarding another 50 participants for the second year. Participants will be required to go through an interview, followed by a four-day bootcamp featuring various aspects of entrepreneurship, including financial management, technical skills, and emotional wellbeing. Final participants will be assessed in a pitching session where they will present their business ideas to a panel of judges before receiving motorcycle grants and being onboarded as food delivery riders.
Upon successful completion of their one-year work placement with foodpanda Malaysia, the riders will have the option of continuing their employment with foodpanda Malaysia or becoming full-fledged entrepreneurs. Those who opt to start a business after the one-year commitment will have access to CIMB MicroBiz Ready entrepreneurship training programme, with a special micro-financing facility, as well as the Program Keusahawanan Taylor’s-CIMB Islamic which offers business grants.
In addition, BNM’s Micro Enterprises Facility (“MEF”) and other grants, as well as SME financing from CIMB Islamic are also available to aid these business owners in realising their entrepreneurial aspirations.
