KUALA LUMPUR, Nov 8 -- The expansion of the iTEKAD implementation programme under Budget 2021 will ensure a more inclusive economic recovery strategy from the COVID-19 crisis, Bank Islam Malaysia Bhd chief executive officer Mohd Muazzam Mohamed said.

He said this will be achieved with more involvement from other financial institutions and collaborations with other state religious councils and implementation partners next year, thus improving the livelihoods of the recipients.

“We welcome the government’s move to increase the allocation of RM110 million for the Micro Enterprises Facility and expand the implementation of iTEKAD programme,” he said in a statement today.

The iTEKAD programme is a micro-financing facility to ensure sustainable income generation and financial resilience of B40 and asnaf-owned businesses in facing the effects of the COVID-19 pandemic.

It provides small business owners and entrepreneurs access to financing, while Islamic Social Finance facilities such as zakat (tithes) or sadaqah (donations) are used for business equipment or tools needed for eligible recipients.

The programme also incorporates structured entrepreneurial and financial management training to increase recipients’ knowledge and skills.

iTEKAD is one of Bank Islam’s Social Finance instruments in ensuring the socio-economic wellbeing of the country.

The bank has pioneered iTEKAD with the Federal Territories Islamic Religious Council and SME Corp Malaysia and has expanded it since its launch in May 2020.

Further information is available at www.bankislam.com, Bank Islam branches or call its contact centre at 03-26 900 900.

-- BERNAMA