PM raises iTekad allocation to RM10m

Prime Minister Anwar Ibrahim has announced an increase of allocation to RM10 million for the iTekad programme for micro-entrepreneurs.

The allocation for iTekad, which provides essential financing access for low-income micro-entrepreneurs in their pursuit of starting businesses, was increased from its initial amount of RM4 million under Budget 2023.

During his key speech at the iTekad networking event in Kuala Lumpur today, Anwar also urged for more banks to participate in the programme.

"There are 11 banks participating and I hope to increase it to 20.

"With the success of this programme, I hope that it will be used as a model by ministries, government agencies... including religious councils through zakat in their respective states," he said.

Also present were Minister in the Prime Minister's Department Mohd Na'im Mokhtar, Deputy Finance Minister Ahmad Maslan and Bank Negara governor Abdul Rasheed Abdul Ghaffour.

Bank Negara Malaysia created iTekad, a programme which merges the allocation of business assets, funded through diverse social financial tools such as donations, social impact investments and zakat with micro-finance support.

This is coupled with comprehensive financial and business training for the micro-entrepreneurs.

Banks play crucial role

Several prominent banks, including AmBank Islamic, Bank Islam, CIMB Islamic Bank, Public Islamic Bank, RHB Islamic Bank, Bank Simpanan Nasional (BSN), Bank Rakyat, Agrobank, SME Bank, and Maybank Islamic Bank are involved.

Anwar emphasised that the participation of banks plays a crucial role in the initiative as it instils greater government confidence in its effectiveness, regularity, and influence.

The prime minister also expressed his keen interest in its success, given the programme’s cost-effective management that places far less financial strain on the government. - Mkini