KUCHING: Bank Muamalat Malaysia Bhd has expanded its social finance initiatives through several partnerships sealed at the ongoing Financial Literacy Carnival (KCK) 2024, which will run until tomorrow. This expansion is aimed at enhancing the bank’s contribution to social finance, aligning with Bank Negara Malaysia’s (BNM) call to position Islamic finance as a leader in this sector.

According to BERNAMA News Agency, Bank Muamalat signed a memorandum of understanding (MoU) with the Sarawak Society for the Blind during the carnival. This partnership aims to establish a holistic collaboration through the iTEKAD initiative, empowering the visually impaired community in Sarawak to generate income. Eligible members will receive micro-financing assistance, structured training, and seed capital. Additionally, they will undergo training in financial management, operations, digital marketing, and business ethics.

The bank’s efforts also support the Financial Consumers’ Fair Treatment Framework (FTFC) issued by BNM, a
iming to create a more inclusive financial system safeguarding the interests of all consumers, particularly vulnerable groups. Furthermore, Bank Muamalat and Prudential BSN Takaful Bhd (PruBSN) exchanged a cooperation agreement to assist individuals in accessing education, healthcare, and economic support through the public crowdfunding initiative, Jariah Fund. Both entities are exploring collaboration opportunities within the iTEKAD initiative, which includes providing takaful coverage to selected entrepreneurs.

In addition, the carnival hosted the graduation ceremony for participants of Bank Muamalat’s Halal Certification Programme. This initiative supported entrepreneurs with free mentoring and training, enabling them to obtain the Malaysian Halal Certification. Four entrepreneurs received graduation certificates at the event, including two from the iTEKAD initiative and two Bank Muamalat customers.

Bank Muamalat’s president and CEO, Khairul Kamarudin, emphasized the importance of social finance in Malay
sia’s financial landscape. He reiterated the bank’s commitment to driving the growth of this initiative, stating, “Through holistic collaborations in social finance initiatives like iTEKAD, Jariah Fund, and the halal certification programme, Bank Muamalat hopes to maximise the impact of social finance and ensure that the targeted groups benefit as we work to create a Better Life, Together.”

For more information on iTEKAD, Jariah Fund, and the Bank Muamalat Halal Certification Programme, interested parties are encouraged to visit www.muamalat.com.my or any of Bank Muamalat’s nearest branches.