KUALA LUMPUR (March 28): Bank Islam Malaysia Bhd has extended its BangKIT Microfinance facility to students and youth entrepreneurs to encourage the youths to venture into entrepreneurship and support the continuity and expansion of existing businesses.
To this end, the bank has signed a strategic joint venture agreement with the Universiti Malaysia Kelantan and the Malaysian Youth Council, said Bank Islam chief executive officer Mohd Muazzam Mohamed.
"Bank Islam will not only provide the necessary funding to support the businesses, but also enhance the knowledge and skills of students and youth entrepreneurs so that they can be resilient, innovative, and competitive, especially in this current challenging business environment," he said in a statement today.
Mohd Muazzam said Bank Islam would intensify its efforts to assist the student and youth entrepreneurship sector by seeking for more potential change-makers from several other higher-learning institutions.
Launched on Nov 25, 2020, the BangKIT microfinance facility leverages donations from the general public and organisations through the Perpetual Fund of Bank Islam's crowdfunding platform, Sadaqa House, to assist eligible micro-entrepreneurs.
Recipients of this financing facility will undergo practical business training and coaching conducted by the change-makers.
BangKIT Microfinance offers the Qard contract (interest free), providing financing from as low as RM500 to RM3,000 for start-up businesses and from RM3,000 up to RM20,000 for business expansions, with a repayment period of between six months and three years.
Source: https://www.theedgemarkets.com/article/bank-islam-extends-bangkit-microfinance-students-youth-entrepreneurs