SME Bank nets $9.9m from zakat entrepreneur programme

The Malaysian lender said that its programme services nearly 1,000 entrepreneurs.

Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) has generated approximately $9.88m (MYR40m) in income through its iTEKAD ISHRAF programme.

The SME Bank iTEKAD ISHRAF began in 2020, with the bank disbursing MYR250,000 in zakat funds to 20 entrepreneurs. It has since expanded to nearly 1,000 entrepreneurs across Malaysia.

SME Bank said that the programme supported the creation of 410 jobs.

The SME Bank iTEKAD ISHRAF programme is aligned with the principles of Bank Negara Malaysia’s performance measurement framework (PMF), offering mentorship, business development support, market linkage opportunities, and access to industry networks, SME Bank said.

SME Bank is a subsidiary of the Bank Pembangunan Malaysia Berhad Group.

(US$1 = MYR 4.05)