RHB Islamic Bank Bhd and Perbadanan Nasional Bhd (PERNA’S) have joined forces to launch the B40 Empowerment Strategy – Be Your Own Boss (BEST-BYOB) Program in KUALA LUMPUR.
The BEST-BYOB Program used zakat in the form of loans to support 42 pre-franchise micro-entrepreneurs in the asnaf and B40 markets.
The curriculum is an innovative fusion of the best features of RHB Islamic’s BEST initiative and PERNA’S BYOB Project.
Pre-franchise company owners, and those from asnaf and B40 communities, may benefit from the expanded curriculum. It provides them with more sustainable, comprehensive, and competitive entrepreneurship training.
According to RHB Islamic Bank’s CEO and managing director Dato’ Adissadikin Ali, the PERNA’S BEST-BYOB Program brings together reliable sources and gives micro-entrepreneurs access to mentoring and assistance. It is based on the Business In Transformation (BIT) pre-franchise framework.
Adissadikin said that participants in the project are eligible to apply for loans of up to RM10,000 from RHB Islamic’s zakat Wakalah initiative. It has a total budget of RM500,000 and is for extra funding via the BIT Pre-Franchise Financing Scheme.
Islamic Social Finance
In particular, this initiative encourages the use of value-based intermediation (VBI) to have a lasting, beneficial effect on the economy and to implement Islamic social finance. It also shows our support for iTEKAD, an initiative run by Bank Negara Malaysia. It aims to raise funds via the collection of philanthropic contributions such as zakat, wakaf, and sadaqah.
He stated, “We look forward to giving even more assistance to qualifying asnaf and B40 micro-entrepreneurs to help them establish financial resilience and earn sustainable revenue.”
As the first project of its kind, the BEST-BYOB Program gives zakat support as part of a complete SME solutions package for would-be business owners before they sign a franchise agreement.
The BEST-BYOB Program does more than just provide money to budding company owners. It also provides two innovative programs that help both young and senior micro-enterprise owners succeed.
These services span the first six months of a company’s existence and include training, business matching, funding, and monitoring.
Participants that qualify for BEST-BYOB will be paired with pre-franchised companies such as Nab Peneram, Mekeria, Bubur Ayam Dahlia, Uncle Putu Piring, Golden Takoyaki, and many more via the BIT pre-franchising system.
RHB Islamic’s RHB SME e-Solution Package is an excellent resource for BIT pre-franchise brand owners. As it provides them access to a variety of online banking and business account options.
Entrepreneurs selected into the BEST-BYOB Program have the option of participating in either the Successful Women’s Entrepreneurship Engagement Talent (SWEET) for Muslim women ages 21-60 or the Young Entrepreneurship Engagement Talent (YOUNITY) for Muslim youths ages 21-40.