Bank Islam to launch iTEKAD programme in May

by BERNAMA// pic by MUHD AMIN NAHARUL

BANK Islam Malaysia Bhd is currently refining the details of the iTEKAD programme announced by Bank Negara Malaysia (BNM) as they plan to introduce it by May this year.

The exercise is done to ensure its efficient implementation and execution.

BNM’s iTEKAD programme is aimed to support sustainable income generation and financial resilience of the bottom 40% income group (B40) that owned micro enterprises affected by the Covid-19 pandemic.

As the first participating Islamic bank to introduce the programme, Bank Islam will utilise zakat contributions for the micro-financing arrangement during the first phase of its implementation.

Bank Islam CEO Mohd Muazzam Mohamed said the early stage of this programme is expected to benefit 100 recipients.

“The bank has been doubling its effort to ensure service deliverables at its level best and achieve sustainable prosperity for the community, customers and the bank,” Mohd Muazzam said in a statement.

He added that the implementation of iTEKAD programme will enable Bank Islam to play its part in providing financial assistance to the most vulnerable segment, the B40 individuals and B40-owned micro enterprises.

The iTEKAD programme will involve collaborations with selected State Islamic Religious Councils, including Majlis Agama Islam Wilayah Persekutuan and implementation partners such as SME Corp Malaysia.