BANK Islam Malaysia Bhd launched BangKIT Microfinance, a facility funded from donations made by the corporation and the public.
With an initial fund of RM2 mil, the facility is meant to assist the unbanked and underbanked micro entrepreneur segment, allowing them to obtain capital and equip them with training to ensure business sustainability.
Offered under the Al-Qard contract (interest-free), BangKIT Microfinance provides financing as low as RM500 up to RM3,000 for start-ups and from RM3,000 up to RM20,000 for business expansion with a repayment period of between six months and three years.
“For a start, RM2 mil is allocated under the facility, which is set to benefit 200 micro-entrepreneurs from BangKIT Microfinance, subject to availability,” Bank Islam chairman Tan Sri Ismail Bakar said.
He said the initiative is also to help recipient, mainly the B40 income group to build a good credit record to ensure that they qualify for future financing, hence, able to increase their income and create jobs opportunities. – Nov 25, 2020
