iTEKAD 2.0 Introduced To Extend Support For The Asnaf and B40 Communities

KUALA LUMPUR, Wednesday, 25 August 2021:  Three Islamic banks are stepping up their efforts to better serve the asnaf and B40 communities in facing the effects of the COVID-19 pandemic through the expansion of the iTEKAD programme (“iTEKAD 2.0”). Bank Muamalat Malaysia Berhad (“Bank Muamalat”) and CIMB Islamic Bank Berhad (“CIMB Islamic”) are joining Bank Islam Malaysia Berhad (“Bank Islam”) in offering this programme and set to amplify it further. This holistic social finance programme ensures sustainable income generation and financial resilience of the participants.

Launched in May 2020 in Federal Territory Kuala Lumpur, iTEKAD is designed to mobilise social finance instruments such as zakat (tithe), sadaqah (alms), waqf (endowment) and social investment fund. iTEKAD offers seed capital with an affordable microfinancing arrangement to eligible applicants. It aims to empower eligible micro-entrepreneurs among asnaf and B40 individuals to achieve financial resilience, generate sustainable income, and contribute to the community.