Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) has significantly impacted nearly 1,000 asnaf entrepreneurs across Malaysia, generating approximately RM40m in income and creating 410 jobs through its iTEKAD ISHRAF programme. Launched in 2020 under Bank Negara Malaysia’s iTEKAD social finance framework, the initiative aims to enhance economic opportunities and entrepreneurial skills among asnaf and underserved communities.
The latest cohort of SME Bank iTEKAD ISHRAF 4.0 was celebrated recently, marking the programme’s ongoing expansion nationwide. Samad Majid Zain, Relief President and CEO of SME Bank, highlighted the programme’s success, stating, “The achievements of iTEKAD ISHRAF since 2020 demonstrate how Islamic social finance can create meaningful and lasting impact by strengthening entrepreneurial capabilities, increasing incomes and supporting business growth among asnaf and underserved communities.”
The programme, which began as a pilot with 20 entrepreneurs and RM250,000 in zakat funds, has expanded significantly. By 2023–2024, it had reached 400 entrepreneurs across 14 states with a budget of RM5.6m. For 2025–2026, the programme continues to support 420 entrepreneurs with RM9m in funding, including contributions from strategic partners like Export-Import Bank of Malaysia Berhad and Bank Islam Malaysia Berhad.
SME Bank’s efforts also extend to strengthening Malaysia’s halal entrepreneurship ecosystem, with over RM2b in halal-related financing and initiatives like the HalalBiz Financing Programme. The bank’s commitment to inclusive entrepreneurship aligns with the MADANI Economic Framework, focusing on sustainable socio-economic development.
