AmBank Islamic has marked its participation in the iTEKAD programme by allocating RM380,000 to provide funding assistance to micro entrepreneurs.
The iTEKAD programme involves seed capital, microfinancing and capacity building efforts. Bank Negara Malaysia also provides the matching fund for the seed capital component.
This maiden initiative is undertaken with the collaboration of State Islamic Religious Councils (SIRC) and aims to support Asnaf micro entrepreneurs to generate sustainable income, by boosting their business capacity.
Dato’ Sri Hamidy Abdul Hafiz, Chairman, AmBank Islamic said “Empowerment of Asnaf micro entrepreneurs and capacity building for the lower income group is one of AmBank Islamic’s strategic focus, in tandem with the Government’s broader aspiration to elevate B40 households towards a better quality of life. The iTEKAD programme powered by Bank Negara Malaysia creates the purposeful pathway for financial institutions like us to contribute to the long-term prosperity of the societies we serve.”
Eqhwan Mokhzanee, CEO, AmBank Islamic said “This programme is even more timely after the COVID-19 pandemic which has led to economic mishaps particularly for the lower-income group. We are also grateful to Bank Negara Malaysia for the matching sum under the seed capital component.
The iTEKAD initiative offers a unique proposition to empower business owners from the lower-income segment through better access to financial services. It would benefit over 58 entrepreneurs from the food & beverages, retail and services industry in Selangor and Negeri Sembilan.”
The iTEKAD seed capital component offers grant of up to RM20,000 for each participant whilst participants may apply up to RM10,000 of microfinancing from AmBank Islamic.
