Bank Islam Malaysia Berhad is expanding its iTEKAD microfinancing programme access to local farmers and entrepreneurs through a collaboration with Farm Direct Shop (FDS), a local social enterprise. FDS is a platform that facilitates direct sales to consumers by showcasing their produce and products and marketing services for the items through the WhatsApp messaging service and its outlet.
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, the programme involves collaborations with selected implementation partners such as State Islamic Religious Councils, government agencies, social enterprises, and non-government organisations. Through this 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, the Bank has empowered 675 microentrepreneurs by disbursing more than RM11.7 million in financial support under the iTEKAD.
