Bank Islam launches financing scheme for women SME entrepreneurs

Bernama

5 September 2019

Bank Islam launches financing scheme for women SME entrepreneurs

KUALA LUMPUR, Sept 5 (Bernama) -- Women entrepreneurs, who have been in business for at least two years, are welcome to apply for a new Bank Islam Malaysia Bhd’s financing scheme of up to RM1 million known as "WinBiz” specifically catered for them.

Bank Islam chief executive officer Mohd Muazzam Mohamed said the scheme, which will be made available beginning next month, aims to explore a new market segment that promises significant growth potentials, as well as increase access to financial solutions to a specific small and medium enterprise (SME) segment.

"In line with our vision to become the bank that advances prosperity for all, we are committed to assisting SMEs by offering innovative products that will enable their businesses to reach greater heights," he said at the launch of WinBiz here, today.

WinBiz was officially launched by Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail who is also the Women, Family and Community Development Minister.

The financing scheme offers a comprehensive range of banking facilities that meet the working capital requirements and capital expenditures of private limited women-owned businesses.

Mohd Muazzam said the bank, via this new product, expects its SME banking portfolio to increase by RM50 million over the next 12 months. Currently, the bank's banking portfolio stood at RM2.1 billion.

He said customers could enjoy financial facilities such as financing of up to RM1 million with a repayment period of up to seven years and the financing facility is 70 per cent guaranteed by the government through Syarikat Jaminan Pembiayaan Perniagaan Bhd.

Mohd Muazzam added that if the product were to receive positive response, the bank will increase its allocation for the SMEs.

“If it’s going to sell like hot cakes and the allocation receives a full take-up rate in the next three months, we will offer more, we have no problem with that,” he added.

For a start, the product offerings include business financing term-i facility with funding of up to RM1 million, Bank Islam Visa Infinite Business Credit Card-i, Corporate Internet Banking, and Payment Terminal facility, as well as SME Al-Awfar investment Account and i-Gain SME Current Account.

More information on the product could be obtained at www.bankislam.com.my.

-- BERNAMA

Web source: http://www.bernama.com/en/news.php?id=1764283