Tehran (ICNA) – Islamic Bank of Malaysia, better known as “Berhad”, as an Islamic banking and financial institution, plays an important role in accelerating the halal economy by providing appropriate support to players in the halal industry, and five: the overall strategic program for local SMEs.
Bank Islam Malaysia Berhad has launched various initiatives to support a large number of local SMEs and help them play a role in the development of the country’s economy.
According to The Star, a set of programs have been put in place by this bank, as part of a five-year strategic plan called LEAP25, which aims to develop the small and medium-sized business sector.
Mizan Masram, Chief Commercial Officer of Bank of Islam, said that the bank has implemented strategic initiatives to support and encourage small and medium enterprises:
“Firstly, we have established new Centers for Small and Medium Businesses (Local Small and Medium Enterprises) with 16 centers in the region, including major cities such as Sri Petaling, George Town, Sungai Pattani, Kuching and Kuta. We have also increased the number of department heads related to our small and medium-sized businesses. , in order to connect with existing and potential clients, and build stronger relationships between the bank and this group of clients.We have also created new partnerships with government agencies, private companies and professional associations such as “Halal Development Corporation (HDC)” and “Malaysian Foreign Trade Development Corporation (MATRADE) and “SME Malaysia (SME Corp Malaysia)” and investment development organisation, to provide Islamic banking solutions to small and medium businesses and to all Malaysians.
Bank Islam has also launched various financial assistance programs for its clients, to help local small and medium-sized businesses affected by the COVID-19 pandemic. At the height of the pandemic, the bank served its customers through online activities. As part of Bank of Islam’s five-year strategic business plan (LEAP25), the bank supports small and medium-sized businesses by exchanging information, Sharia-compliant practices and financial solutions to enter Malaysian and international markets and supporting female entrepreneurs, sole proprietorships, start-up owners and service firms.
The “SME Biz GROW” financing program is a financing solution for owners to develop their businesses. The digitization and automation facilities were set up by Bank Negara Malaysia (BNM) Innovation Fund, to encourage SMEs to automate processes and digitize work to increase productivity and efficiency.
Economic Facility (AES) is provided by the “BNM Initiative” to increase access to finance for SMEs in various sectors.
The Women Entrepreneurs Finance Scheme (WinBiz) is specially designed for Malaysian women entrepreneurs in order to provide easy access to investment costs.
GO Halal SME Funding is a unique financial package designed for small and medium businesses to cover the costs of halal certification.
A financing solution has been put in place for members of the Malaysian Foreign Trade Development Corporation (MATRADE) to meet their export needs.
The SMEXpert mobile app is designed to support and enable SMEs to digitize and grow their businesses in a digital halal ecosystem for the halal market.
Bank Malaysia (Berhad) won the Halal Finance Award and the Halal Excellence Award 2021. This bank is trying to be a good partner for SMEs and the halal industry.
The “Go Halal” SME financing program is a great example of the services of this bank to support the development of the halal industry.”