RHB Islamic Bank (“RHB Islamic”) has entered into a collaboration with government-linked agency, Iskandar Regional Development Authority (“IRDA”), to manage an RM11.5 million fund for the SME Micro Financing (IMProUD3) and Facilitation Fund (IMProUD1&2) programs with an aim to spur growth in the local SME ecosystem in Johor. RM3 million will be apportioned for IMProUD3 while RM8.5 million will be allotted for the IMProUD1&2 Program.
The collaboration, will see RHB Islamic managing IRDA’s IMProUD3 and IMProUD1&2 Program for Bumiputera entreprenuers in Johor. Dana Usahawan Dinamik Iskandar Malaysia (IMProUD) by IRDA, is offered to enable SME to boost its capital strength and enhance vitality of small SMEs in the region by offering micro financing deals at a low financing cost. The funding is carved out from Unit Peneraju Agenda Bumiputera (TERAJU).
“We are in support of the government’s initiative to assist Bumiputera companies and SMEs under the Economic Transformation Program and this collaboration is ideal as it enables RHB Islamic to reach out to more SME customers in the Southern Region. We are keen to continue working with organisations that support SMEs which would help stimulate the growth of its ecosystem,” said Dato’ Adissadikin Ali, Managing Director and CEO, RHB Islamic Bank, RHB Banking Group.
Source: Media Release