Malaysia takes lead in Islamic venture capital plan


KUALA LUMPUR: Malaysia is spearheading the establishment of the world's first Islamic Venture Capital in collaboration with the Islamic Development Bank (IDB), said Treasury Secretary-General, Tan Sri Irwan Serigar Abdullah.
 
He said a Memorandum of Understanding (MOU) is expected to be signed in Jakarta this month between Malaysia Venture Capital Management Bhd (MAVCAP) and the IDB.

"Our team from the Finance Ministry and MAVCAP is currently at the IDB's headquarters in Jeddah, to discuss the final touches to details of the MoU.

"We are looking at an initial fund size of US$100 million," he told reporters after launching Malaysia Debt Ventures Bhd's (MDV) Elevate programme here on Wednesday.

The fund would be utilised to finance start-up companies, not only in Malaysia, but also in the region and other Islamic countries.

Mohd Irwan said Islamic countries, apart from Malaysia and Indonesia, were a bit behind in the start-up environment and the MoU is a good avenue for knowledge sharing among the concerned parties.

"The establishment of the Islamic Venture Capital has also the potential to raise the country's per capita income," he added.

Meanwhile, Elevate is a nurturing programme where selected participants will be groomed, coached and mentored by MDV within a 12-month time frame, with the objective of strengthening financial and project management capabilities to increase their ability to secure financing from MDV or other financial institutions.

The participants are also expected to benefit from MDV's extensive resources in terms of experience skillsets, market access, links to key industry participants and partners in the technology and financial ecosystem.

In addition, Elevate will also provide a pre-approved financial allocation of up to RM2 million to the top graduates of the programme. - Bernama

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Lagenda Properties' unit secures contract worth up to RM99.6mil
Icon Offshore secures four key agreements to drive portfolio growth and expansion
RHB, CGC ink Malaysia’s first LCTF portfolio guarantee agreement, valued at RM400mil
Solarvest secures RM142mil solar EPCC contract in Kedah
Allianz Malaysia posts 7.4% lower earnings of RM183.17mil in 3Q
Tex Cycle eyes M&A, ESG market expansion
Ringgit retreats after three days of gains
Sarawak Plantation posts 14.5% profit jump in 3Q, declares 15 sen dividend
MAHB raises RM1.6bil in oversubscribed sukuk wakalah
MNRB appoints Rudy as interim president & CEO

Others Also Read