Group 2

Bank Muamalat: iTEKAD Mawaddah – Serving the Underserved


5 January 2023

Bank Muamalat Malaysia Berhad (BMMB) introduced the iTEKAD Mawaddah initiative to assist and guide underserved groups to retain jobs, generate employment and alleviate financial hardship. 

iTEKAD Mawaddah is a restricted investment account product based on the concept of Mudarabah, a contract between a capital provider (Rabbul Mal) and an entrepreneur (Mudarib). 

Through iTEKAD Mawaddah, the bank plays a pivotal role in enhancing the targeted community’s up-skilling and re-skilling through training and mentoring organised by an appointed Training Consultant (TC). The training consultants train and coach the underserved groups in a structured training programme to enhance their business and financial management skills. In addition, the appointed TC conducts a mentoring session and provides a progress report of iTEKAD entrepreneurs to the BMMB for monitoring and tracking. 

From July 2021, the total investment of the fund has been RM 172,600 (USD 36,495.89) from 242 investors. In total, 20 entrepreneurs have benefitted from the mentoring of three Training Consultants. 

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