Page 101 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 99
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

FINANCIAL INCLUSION COMMUNITY DEVELOPMENT

Though MCO restrictions resulted in the difficulties in Empowering Communities through Social Finance
executing the annual schedule of planned engagements and
programmes, the Bank adapted by leveraging on digital Wakaf Muamalat is a collaboration between Bank Muamalat
platforms to continue engaging with existing stakeholders and State Islamic Religious Councils in the co-management
and reaching out to provide access and knowledge to financial of cash wakaf fund via a joint management committee (JMC).
assistance to local communities. Such knowledge was deemed Since its inception in 2012, Wakaf Muamalat, through its JMC,
essential as it can boost the economy of the local community has approved 128 projects in education, health, and investment
where small businesses operate, and represents Bank nationwide. Members of the public can donate through direct
Muamalat’s commitment to financial inclusion. deductions of their bank accounts to their selected wakaf
institution.
This commitment is aligned with the national agenda of easing
Total wakaf fund collection for FY2021 was RM32,056,109.63,
access to financial services for every segment of the society to
out of which RM25,482,227.01 has been approved for
enhance their financial capability and enable inclusive national
projects, with RM18,663,496.29 already disbursed.
development, in line with Bank Negara Malaysia’s Policy on
Lending/Financing to the Priority Sector. This has included
Other than the Wakaf Muamalat, the Bank manages Tabung
making affordable financing more accessible for customers
Mawaddah, an internal charitable fund that comprises zakat
to achieve life goals such as owning homes, motor vehicles
refunds, infaq, and other funds (sadaqah) sourced by the
and helping sustain their cash flow; and on a larger scale to
Bank and our employees. Tabung Mawaddah is dedicated to
aid micro entrepreneurs and SMEs gain financial resilience in
aid and implement charitable activities to eight categories of
challenging times.
Asnaf recipients (Fakir, Miskin, Amil, Muallaf, Riqab, Gharimin,
During FY2021, the Bank introduced iTEKAD Mawaddah, an Fisabillah and Musafir) and to needful employees in the event
investment programme specifically designed to assist small of death, accidents, natural disasters, and other situations.
and medium entrepreneurs from Asnaf and B40 categories
In September 2020, Tabung Mawaddah launched a
whilst providing returns to investors. It supports the true
crowdfunding platform known as Jariah Fund. Through this
essence of Islamic finance by implementing the concept of
digital platform, Tabung Mawaddah currently collaborates
Mudarabah to promote equity-based financing rather than
with five selected non-governmental organisations (NGOs) to
debt-based products for its entrepreneurs. To ensure the
identify beneficiaries in need of funds and create crowdfunding
entrepreneurs’ ventures are on the track, the Bank appoints
campaigns to help them. The public can also access the Jariah
Training Consultants to monitor their progress.
Crowdfund website and choose the preferred charity work
Thus, iTEKAD Mawaddah provides win-win opportunities that they want to contribute to.
for both the entrepreneurs and investors. The entrepreneurs
As at FY2021, Jariah Fund has collected RM77,201 through
benefit from financial assistance to expand and upgrade their
16 campaigns with four of them yet ongoing.
business, whilst the investors gain steady profits and empower
the community at the same time.
To date, the iTEKAD Mawaddah programme has a total
working capital amounting to RM132,000 and RM92,230
training fee, and is supporting 15 entrepreneurs.