Bank Islam Malaysia Bhd is currently refining the details of the iTekad programme announced by Bank Negara Malaysia (BNM) and expects to introduce it by May 2020 to ensure its efficient implementation and execution.

The iTekad programme by BNM aimed to support sustainable income generation and financial resilience of B40-owned micro-enterprises affected with Covid-19 pandemic.

As the first participating Islamic bank to introduce the programme, Bank Islam will utilise Zakat contributions for the micro-financing arrangement during the first phase of its implementation.

“The early stage of this programme is expected to benefit 100 recipients,” it said in a statement.

Bank Islam chief executive officer Mohd Muazzam Mohamed said the bank has been doubling its effort to ensure service deliverables at its level best and achieve sustainable prosperity for the community, customers and the bank.

“The implementation of iTekad programme enables Bank Islam to play our part in providing financial assistance to the most vulnerable segment which consists of the B40 individuals and B40-owned micro-enterprises.”

iTekad programme will involve collaborations with selected State Islamic Religious Councils including Majlis Agama Islam Wilayah Persekutuan and implementation partners such as SME Corporation Malaysia.