KUCHING: AmBank Islamic has signed a Memorandum of Understanding (MoU) with TEKUN Nasional to introduce the AmBank Islamic Qard Microfinancing initiative, aimed at supporting asnaf (underprivileged) entrepreneurs, known as Asnafpreneurs.
TEKUN Nasional, an agency under the Ministry of Entrepreneur Development and Cooperatives, offers fast and syariah-compliant microfinancing to help entrepreneurs start and grow their businesses.
In addition to financing solutions, TEKUN provides mentorship, support, and networking opportunities to nurture competitive entrepreneurs, particularly within the micro, small and medium enterprise (MSME) sector.
Chief Eecutive Officer of AmBank Islamic, Eqhwan Mokhzanee, emphasised the importance of the partnership.
“We believe that a strategic collaboration with a fit-for-purpose vehicle such as TEKUN Nasional is key to achieving broader impact.
“We hope this can enhance financial inclusion for micro-entrepreneurs in the B40 category, ensuring they have the resources and opportunities to grow.
“This is a step forward in empowering Malaysia’s MSMEs, and we at AmBank Islamic are pleased to be a key enabler of this aspiration,” he said.
Under this collaboration, the AmBank Islamic Qard microfinancing will be disbursed through TEKUN’s Asnafpreneurs programme.
Each recipient will be identified as an Ahli TEMAN and grouped in a team of five.
These groups are required to attend weekly meetings called ‘Perjumpaan Setempat Ahli TEMAN’, where weekly repayment collections will take place.
TEKUN Nasional Managing Director and Chief Executive Officer, Datuk Adam Abdul Ghani, said the initiative aims to empower entrepreneurs and elevate their economic standing and eventually move beyond their asnaf status.
The programme will begin with an initial fund of RM500,000 and is expected to benefit more than 50 Asnafpreneurs.
The financing is interest-free, with a repayment period of up to 18 months.
