Page 77 - Full Book_24.4.2021

In Retrospect

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The Will to Suceed

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Designed to mobilise social finance contributions; the with Bank Islam. The scheme caters to families who receive a
programme offers seed capital with an affordable microfinancing monthly salary below RM1,200 and are not eligible to get any
arrangement for eligible applicants to start growing their personal or housing financing through most banks under normal Achieving a Leading Repute
business and generate sustainable income. In addition to the circumstances. Recipients only need to make a repayment of
funding of working capital, iTEKAD will utilise zakat funds for the about RM260 per month for a period of 10 years to Bank Islam,
purchase of tools and equipment required by eligible recipients. to eventually own a comfortable home. About 20 salaried asnaf
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The programme was implemented in collaborations with selected are targeted to receive new homes through this special scheme
implementation partners such as State Islamic Religious Councils, in Malaysia by 2021.
agencies and non-government organisations.
Spearheading Waqf Initiatives
As the pioneering participating Islamic financial institution, Bank Paving the Way for a Sustainable Future
Islam is working together with Majlis Agama Islam Wilayah Waqf, under the purview of the State Islamic Religious Council
Persekutuan and SME Corporation Malaysia in the first phase (“SIRC”) is an important tool of financial inclusion and economic
of the programme. Through this collaboration, recipients will growth. To maximise its potential, Bank Negara Malaysia
receive structured entrepreneurship and financial management (“BNM”), through the Association of Islamic Banking and
training to ensure they receive a more holistic understanding, Financial Institutions Malaysia (“AIBIM”), has called for Islamic
as well as skills and knowledge in managing their business banks’ participation in collaborating and standardising the waqf
efficiently and sustainably. The iTEKAD microfinancing program is fund initiative action plan. The collaboration between SIRC and 73
currently under the pre-screening process, but to date, the Bank Islamic banks are seen as crucial in developing the potential of
has received about 100 direct applications, mainly from micro- waqf and further empower the economy of ummah in Malaysia.
entrepreneurs in the F&B (food and beverage), manufacturing myWakaf is an inclusive economic instrument that incorporates
and services sectors. philanthropic values in order to best serve all members of society,
Another first of its kind inclusive social finance initiative by the particularly the underserved and disadvantaged. The instrument
Bank during the year was the Personal Financing-i (Asnaf) is meant to assist these particular segments of the society to Adhering to the Best Governance Practices
for salaried asnaf to build or acquire house in partnership with gain access to quality essential services that will contribute to
Lembaga Zakat Negeri Kedah (“LZNK”) Malaysia. Under this socio-economic upturn, and fulfil the nation’s shared prosperity
special project, LZNK will support 50% from the total cost to goals. Currently, Bank Islam has been nominated to chair the
build a house in Kedah while the recipient will bear another initiative in which five other Islamic Banks are involved, namely |
Laying the Foundation for Financial Growth
remaining 50% through the Personal Financing-i Asnaf facility Affin Islamic Bank Berhad, Bank Muamalat Malaysia Berhad,
Bank Rakyat, Maybank Islamic Berhad and RHB Islamic Malaysia
Berhad.

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Additional Information & Disclosure Summary

SADAQA HOUSE
RM5.35

million
FY2020 COLLECTION
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24 th AGM Information