Bank Rakyat continues to commit to empowering asnaf entrepreneurs through the RAKYATpreneur and UNIpreneur 2023 programs with a total fund allocation of RM3.5 million to be used by 800 potential asnaf entrepreneurs.
The two programs that started last June are a continuation of the successful pilot program and the three RAKYATpreneur and Bank Rakyat UNIpreneur series that were launched before which aim to develop the capacity and competitiveness of entrepreneurs and asnaf students through entrepreneurial training and guidance as well as inclusive monitoring in efforts to produce more social entrepreneurs to achieve the government’s desire to eradicate extreme poverty.
“The RAKYATpreneur and Bank Rakyat UNIpreneur program, which is a social finance initiative under the iTEKAD program created by Bank Negara Malaysia, is able to have a wider impact, especially for the asnaf and micro entrepreneurs who face constraints in obtaining assistance and financial resources to ensure business sustainability them,” said the Minister of Entrepreneurship and Cooperative Development, YB Datuk Ewon Benedick while attending the RAKYATpreneur and Bank Rakyat UNIpreneur 2023 Opening Ceremony at the Bank Rakyat Twin Towers.
“Guided by iTEKAD’s aspirations in helping to generate sustainable income and the resilience of micro-entrepreneurs, this social finance initiative is also seen to play an important role in strengthening the economic position of the community as well as guaranteeing social stability through reducing the income gap.
“I believe that through intervention from financial institutions such as Bank Rakyat can help improve the ability of asnaf and B40 entrepreneurs in forming a stronger financial position to face unexpected financial challenges or obstacles in the future,” he added.
YB Datuk Ewon also shared in his opening speech, the continuation of these two entrepreneur development programs by Bank Rakyat shows the commitment and seriousness of Bank Rakyat as a banking institution that is concerned about the well-being and sustainability of entrepreneurs from the needy in line with the values of Madani Malaysia.
“Indeed, this event is very meaningful because it witnessed the continuation of the RAKYATpreneur and Bank Rakyat UNIpreneur programs which have successfully helped many asnaf entrepreneurs since they were introduced in 2020 and 2021. More proudly, until now, a total of 1,833 entrepreneurs and asnaf students have been successfully helped so that they can get out of the asnaf class through these two initiatives.
In the meantime, Acting Chairman of Bank Rakyat, Datuk Mohd Irwan Mohd Mubarak said, this social finance initiative program was also held as support for the iTEKAD program established by Bank Negara Malaysia with the aim of helping low-income micro-entrepreneurs to strengthen financial management and business intelligence to direction to generate continuous income.
“As we already know, the ITEKAD program encourages micro-entrepreneurship activities through the focus on social financial instruments including zakat, almsgiving and waqf for the provision of micro-financing as an injection of funds as well as structured training and guidance.
He said, based on the elements in the iTEKAD program, Bank Rakyat believes that this program is able to help reduce the poverty rate, improve the standard and quality of life, thus providing a comfortable and prosperous life, thus providing a comfortable and prosperous life, further leading to the formation of a nation that prestigious in the future.
“Alhamdulillah, RAKYATpreneur program participants for the year 2022 have managed to record almost a 60% increase in sales rate, while 66% of Bank Rakyat UNIpreneur student entrepreneurs recorded an increase in sales rate throughout the duration of the program,” he added.
The RAKYATpreneur program and Bank Rakyat UNIpreneur have previously successfully helped many entrepreneurs including Zainab Saidin from Kuala Lipis, Pahang who is a ZaiQ bakery business owner who has used RAKYATpreneur funds to upgrade the bakery kitchen in her home to obtain a HALAL verification certificate from JAKIM and a MESTI certificate from the Ministry of Health Malaysia. Now, the pastry food he produces is successfully marketed in several cafes and school cooperatives in the state of Pahang.
In addition, one of the Bank Rakyat UNIpreneur participants Rafhanah Manja@Ridzuan, a student from Universiti Pendidikan Sultan Idris (UPSI), a pearl-based accessory business such as bracelets and necklaces has now successfully expanded her business to the point of winning the Best Malaysian Business Award (MBBA 2022). .
This program also organises sustainable sales by bringing together 50 RAKYATpreneur and Bank Rakyat UNIpreneur entrepreneurs who offer various types of goods such as food and beverages, clothing and accessories, handicrafts, beauty and health as well as digital and communication.
