RHB Islamic, IRDA in micro-finance collaboration

RHB Islamic Bank Bhd will collaborate with the Iskandar Regional Development Authority (IRDA) to manage an RM11.5 million micro-finance fund for the small and medium enterprise (SME) Micro Financing (IMProUD3) and Facilitation Fund (IMProUD1&2).

The funds consist of RM3 million allocated to IMProUD3 and RM8.5 million to IMProUD1&2, which are aimed at supporting the local SME ecosystem in Johor. RHB Islamic will manage the IRDA-led funds, the bank noted in a release yesterday.

The micro-financing funds are meant to support SME businesses in the state. RHB noted it aims to support the government’s initiative to assist Bumiputera companies and SMEs under the Economic Transformation Programme.

The collaboration is ideal as it will enable RHB Islamic Bank to reach out to more SME customers in the southern region, the bank stated. — TMR