Kuala Lumpur: The Alliance Islamic Bank Zakat Microfinancing Programme (AZAM), launched in December 2023 in collaboration with Lembaga Zakat Selangor and Amanah Ikhtiar Malaysia, has channeled financing amounting to RM450,000 to 103 asnaf micro-entrepreneurs.

According to BERNAMA News Agency, Alliance Islamic Bank Bhd chief executive officer Rizal IL-Ehzan Fadil Azim stated that the fund was distributed through the first two cohorts, each receiving RM225,000. The AZAM Impact Report, an independent study by entrepreneur support organization Satu Creative, highlighted significant revenue growth for the asnaf micro-entrepreneurs, with an increase of up to 150 percent, despite the average income growth being 36 percent within a year of joining AZAM.

Rizal IL-Ehzan shared the bank’s future plans, targeting 135 asnaf micro-entrepreneurs for AZAM’s third cohort, expected to commence in August 2025. He emphasized the potential for increasing participant numbers, correlating to the bank’s profit growth, which would enhance zakat funds and the zakat wakalah fund for the AZAM programme.

He also revealed ongoing efforts to collaborate with Islamic religious councils in other Malaysian states, with several state zakat boards expressing interest in joining the initiative. The goal is to further expand the programme in collaboration with zakat authorities nationwide.

Rooted in Value-Based Intermediation and Maqasid Shariah principles, AZAM stands as Malaysia’s pioneering Islamic social funding programme, aiming to disburse zakat in a more sustainable and productive way.