BANK MUAMALAT LAUNCHES SOCIAL WELFARE CROWDFUNDING PLATFORM

KUALA LUMPUR, Sept 22  -- Bank Muamalat Malaysia Bhd has launched its social welfare crowdfunding platform to generate a sustainable impact on the economy.

Chairman Datuk Seri Tajuddin Atan said the “Jariah Fund” platform is in line with Bank Negara Malaysia’s value-based intermediation strategy, an important step to help elevate the economy and banking industry. 

“We hope to assist the affected welfare groups through this online crowdfunding initiative. The public could choose to donate online to any of the featured welfare campaigns,” he said in his speech at the launch of the platform here, today.

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Also present were Minister in the Prime Minister’s Department (Religious Affairs) Datuk Dr Zulkifli Mohamad Al- Bakri and Bank Muamalat chief executive officer Khairul Kamarudin.

Tajuddin said the Jariah Fund would attract contributors and donors who are more keen on transparent, efficient and easy financial transactions.

“The platform uses e-payment, which was developed by internal expertise, at a minimal cost,” he said, adding that the contributions are eligible for tax relief.

In the first phase, which begins this month until March next year, the bank will be working with five non-governmental organisations (NGOs) as charity partners.

They are Yayasan Sejahtera, Yayasan Ikhlas, Yayasan Muslimin, the National Autism Society of Malaysia (NASOM) and Malaysian Association for the Blind (MAB).

“The target is to channel about RM40,000 in funds to selected beneficiaries through six community-based projects,” said Tajuddin.

In the first phase, the selected campaigns were divided into three categories, namely education, health, and economic empowerment.

Among the selected projects are a chili cultivation, a string hoppers sales project, an educational project for the Orang Asli, and assistance for those affected by the Movement Control Order, he added.

“Five more charity partners will be involved in the second phase and more categories will be included with the target of 15 projects,” he said.

Tajuddin noted that the crowdfunding platform could complement the bank’s financing and is becoming popular, particularly after businesses were impacted by the COVID-19 pandemic.

The platform would be able to provide support to additional financial needs of businesses, entrepreneurs, NGOs and other beneficiaries, he said.

“Equity crowdfunding (ECF) and peer-to-peer (P2P) platforms have contributed significantly to capital needs for micro, small and medium enterprises (MSMEs). 

“Last year, ECF and P2P contributed about RM706 million as an alternative capital to MSME as it could attract investment from both retail and industry players,” he said.

For more information, visit jariahfund.muamalat.com.my. 

-- BERNAMA