Built on the foundation of inclusive finance, Bank Islam’s iTEKAD programme provides affordable micro-financing to those segments of society often deemed ineligible for formal banking facilities.
Bank Islam’s iTEKAD BangKIT financial programme for underbanked entrepreneurs
IN a time when financial institutions play a pivotal role in shaping the socio-economic landscape, Bank Islam stands out as a beacon of responsible growth and progress.
Bank Islam is committed to advancing prosperity for all – a mission reflected in its approach to social finance.
One significant stride in this direction is its iTEKAD micro-finance programme launched in 2020 during the pandemic as a response to aid micro-entrepreneurs who were hit the hardest.
These initiatives aim to empower underbanked micro-entrepreneurs, fostering their access to commercial banking facilities and facilitating the growth of their businesses.
As we delve into the narratives of three micro-entrepreneurs from diverse backgrounds, it becomes evident that Bank Islam’s commitment to inclusive prosperity is not just a mission statement but a tangible force that shapes the destinies of individuals determined to carve their entrepreneurial path.
Dreams come true
Bank Islam’s iTEKAD BangKIT is more than a financial programme; it’s a lifeline for micro-entrepreneurs seeking to turn dreams into reality.
Built on the foundation of inclusive finance, this programme provides affordable micro-financing to those segments of society often deemed ineligible for traditional banking facilities.
The goal is to offer working capital and financing for capital expenditure to individuals who aspire to start or expand their businesses but face barriers in the traditional financial landscape.
iTEKAD BangKIT extends beyond mere financial assistance. Micro-entrepreneurs under the programme also receive comprehensive financial management, business training and mentoring from experienced implementation partners chosen carefully by Bank Islam.
This holistic approach ensures not only the infusion of funds but also the cultivation of skills and knowledge crucial for sustaining and growing their enterprises.
It’s a testament to Bank Islam’s vision of not just providing solutions that deliver value but fostering a community of resilient and empowered entrepreneurs.
The institution’s mission is to be “the bank that advances prosperity for all” – anchored in the belief that financial solutions should cater to the diverse needs of individuals and communities.
Bank Islam’s iTEKAD microfinance programme has successfully helped various micro-entrepreneurs in their businesses and in providing business skills.
As at Oct 31, 2023, Bank Islam has disbursed more than RM16mil in iTEKAD and funding escalator, benefitting more than 1,000 recipients and fostering upward mobility.
The iTEKAD programme has been a catalyst in the enterprises of S. Devendra, Janet Ginibun, and Nor Hasnaa Kamilah Mohd Dalim who are a testament to the transformative impact of this initiative.
Computer and network engineering graduate S. Devendra is pursuing photography as a vocation. He applied for Bank Islam’s iTEKAD BangKIT microfinancing programme to kick-start his venture.
Being his own boss
S. Devendra, 24, who graduated from Asia Pacific University (APU) with a degree in computer and network engineering, started his photography venture as a hobby.
His journey reflects a choice to forge a path less conventional.
Devendra wants to be his own boss with the liberty to chart his own course. He also admires the autonomy and flexible time enjoyed by his friends’ fathers who are entrepreneurs.
“We don’t get this kind of freedom in the corporate world,” he says.
He shares that the main reason why he is pursuing photography is because “it became apparent that I could not only turn my passion into a source of income but also enjoy the autonomy and flexibility that comes with being an entrepreneur.”
Devendra set up Deven Creative & Enterprise in 2019, providing photography and videography services for a variety of events – from weddings, baby shower, modelling and birthdays to product and studio shoots.
He learned of Bank Islam’s iTEKAD BangKIT micro-financing programme while at the government’s Permata Remaja programme. During the month-long course, he was taught how to grow his business and draft business proposals, after which he applied for and was awarded financial support.
His dream is to grow his business and brand, ultimately having his own studio space one day.
Janet Ginibun, who hails from Sabah, used her Bank Islam micro-financing to set up her all-girls fitness dance studio and promote her brand online.
All ladies studio
Janet Ginibun is the driving force behind Janz Fitness Enterprise, a fitness centre in Petaling Jaya, Selangor. She has always had a profound passion for dance but only had the opportunity to be active in her working years.
Janz Fitness offers fitness programmes, yoga, and jazzercise which combines elements of dance, strength and Pilates.
A distinctive feature of Janz Fitness is its status as an “all ladies studio”. This deliberate choice reflects Ginibun’s commitment to creating an environment where women feel comfortable and understood on their fitness journey.
Ginibun consciously tries to cultivate a sense of community and camaraderie among women, acknowledging the unique dynamics of their wellness aspirations.
“I wanted to create more than a fitness studio; I aim to foster a community where women feel empowered and celebrated in their fitness journey,” she says.
Ginibun spent her Bank Islam micro-financing support on setting up her studio and promoting her brand online. Her vision is to continue growing her fitness community, helping more people to live happier and healthier through exercise.
Nor Hasnaa Kamilah says iTEKAD has enabled her business to grow by financing the tools and equipment for her garment printing venture.
Entrepreneurial evolution
Conducting business is something that has always been a part of Nor Hasnaa Kamilah Mohd Dalim as she grew up in an entrepreneurial family.
She finds joy in engaging with people when doing business.
Having sold Omaf Fish Crackers for several years, in 2020 she ventured into the garment printing business and set up Omaf Apparel.
During the pandemic when movement control was enforced, she encountered difficulties in running her business.
“Acquiring raw materials then was hard, and their prices rose significantly. To overcome the hurdle, we sold other items online, including supplement products, household appliances, and T-shirts to cushion the impact on our business.
“We conducted market research to identify high-demand products, and saw the potential of the jersey T-shirt market, which is always in demand due to its lifestyle appeal.”
Hasnaa says the Bank Islam micro-financing helped her business in terms of acquisition of necessary equipment for her new venture as well as for renovation of office premises.
“In essence, iTEKAD’s financing served as essential capital for building the foundation of the new business.”
Sustaining businesses
iTEKAD is dedicated to helping clients beyond the initial contact and financial aid.
Clients like Devendra, Ginibun and Nor Hasnaa Kamilah will continue to receive mentoring from the bank and periodic check-ins to sustain their businesses.
Bank Islam’s iTEKAD currently offers support to over 700 micro-entreprenuers.
To learn more about Bank Islam’s iTEKAD micro-finance programme, click here.
