Bank Muamalat Forms Partnerships To Expand Social Finance Initiatives

KUCHING, Nov 16 (Bernama) -- Bank Muamalat Malaysia Bhd has expanded its social finance initiatives through several partnerships sealed at the ongoing Financial Literacy Carnival (KCK) 2024, which will run until tomorrow.

In a statement today, Bank Muamalat said this move aligns with Bank Negara Malaysia’s (BNM) call to position Islamic finance as the leader in social finance.

At the carnival, the bank signed a memorandum of understanding (MoU) with the Sarawak Society for the Blind to establish a holistic partnership through the iTEKAD initiative.

Under this collaboration, the visually impaired community in Sarawak will be empowered to generate their income. 

Eligible members of the society will receive micro-financing assistance, structured training, and seed capital.

“Additionally, they will receive training in financial management, operations, digital marketing, and business ethics,” the statement said.

Through this collaboration, Bank Muamalat also supports the Financial Consumers’ Fair Treatment Framework (FTFC) issued by BNM, which aims to create a more inclusive financial system that protects the interests of all consumers, particularly vulnerable groups.

Meanwhile, an exchange of a cooperation agreement (CA) between Bank Muamalat and Prudential BSN Takaful Bhd (PruBSN) was also held, aimed at assisting those in need to access education, healthcare, and economic support through the public crowdfunding initiative, Jariah Fund.

Bank Muamalat and PruBSN are also exploring collaboration opportunities within the iTEKAD initiative, which includes providing takaful coverage to selected entrepreneurs.

In addition, Bank Muamalat held the graduation ceremony for participants of its Halal Certification Programme at the carnival for entrepreneurs who underwent free mentoring and training from the bank, eventually obtaining the Malaysian Halal Certification.

Four entrepreneurs received graduation certificates at the ceremony, two of whom were part of the iTEKAD initiative, while the other two were Bank Muamalat customers.

Bank Muamalat’s president and CEO, Khairul Kamarudin, said that social finance plays a crucial role in Malaysia’s financial landscape, and the bank remains committed to driving the growth of this initiative.

“Through holistic collaborations in social finance initiatives like iTEKAD, Jariah Fund, and the halal certification programme, Bank Muamalat hopes to maximise the impact of social finance and ensure that the targeted groups benefit as we work to create a Better Life, Together,” he said.

For more information on iTEKAD, Jariah Fund, and the Bank Muamalat Halal Certification Programme, visit www.muamalat.com.my or any of Bank Muamalat’s nearest branches.

-- BERNAMA