Bank Muamalat Advances Islamic Finance To Drive Socioeconomic Growth In Sabah

TAWAU, July 5 (Bernama) -- Bank Muamalat Malaysia Berhad is advancing Islamic finance to drive socioeconomic development through various social finance initiatives, said its president and chief executive officer, Khairul Kamarudin.

These initiatives include presenting participation certificates to 16 selected micro-entrepreneurs under the iTEKAD Bank Muamalat Sabah programme, signing a memorandum of understanding with the Credit Counselling and Debt Management Agency (AKPK), and launching the Jariah Fund “Pek Ikhlas Sabahan” crowdfunding campaign in collaboration with Yayasan Ikhlas.

“In Sabah, 16 micro-entrepreneurs from the B40 and asnaf groups have been selected as the inaugural iTEKAD participants. They will receive up to RM10,000 in microfinancing and grants, fully sponsored entrepreneurship training and six months of intensive mentoring,” he said in a statement to Bernama issued in conjunction with the Financial Literacy Carnival 2025 at Eastern Plaza today.

Khairul noted that as one of the pioneering Islamic banking institutions in Bank Negara Malaysia’s (BNM) iTEKAD initiative, Bank Muamalat remains committed to extending its social finance outreach to underserved states.

As of May this year, 3,397 B40 and asnaf entrepreneurs nationwide have benefited from the iTEKAD Bank Muamalat programme, with over RM35 million in total funding disbursed.

He added that these efforts reflect Bank Muamalat’s commitment to supporting the government and BNM’s vision of strengthening Islamic finance as a catalyst for socioeconomic development. 

“Programmes like iTEKAD not only support those in need but also contribute to national economic growth by nurturing sustainable micro-entrepreneurs,” said Khairul.

-- BERNAMA