With the programme’s help, he said, a participant has expanded her natural-based beverages business from a home-based operation to a factory-scale enterprise.
Suhaimi said the participant managed to pivot her business model after she had to close her business during the pandemic.
“With the success of her business, she is now a zakat payer. She also employs single mothers and members of other vulnerable segments to help them improve their livelihoods,” he told FMT.
Suhaimi said another entrepreneur significantly grew her frozen food and T-shirt printing business, increasing her revenue and workforce fivefold by leveraging the training and seed capital provided through the programme.
“With improved creditworthiness and business experience, she managed to secure microfinancing of RM50,000 to further expand her business and increase employment opportunities within her community,” he said.
Launched in 2020 by BNM, iTekad blends financial and non-financial support, offering seed capital from social finance funds such as zakat and waqf, along with structured training to enhance entrepreneurial skills and access to microfinancing.
BNM has increased the Micro Enterprise Facility (MEF) allocation from RM500 million to RM700 million for 2024, with RM50 million earmarked for iTekad participants.
Suhaimi said the programme’s success is measured by business growth, employment, financial resilience and digital upskilling.
“In 2023, 89% of participants experienced an increase in their monthly sales by the end of their participation, while 92% saved on average up to RM4,000 of monthly income,” he said.
He also said the programme has created 600 new jobs and enabled over 900 microentrepreneurs to conduct online sales, significantly boosting their market reach and revenue.
Suhaimi said BNM plans to expand the programme further by collaborating with public and private stakeholders to onboard more B40 microentrepreneurs.
“Unlocking social finance funds from the private sector, including corporate social responsibility contributions, will ensure the continuity and growth of the programme,” he said.