Some products offered by BIMB to support the development of SMEs |
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SME Biz G . R . O . W Financing Programme — A financing solution for business owners who are ready to upscale and grow their businesses |
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SME Automation and Digitalisation Facility ( ADF ) — A Bank Negara Malaysia ( BNM )’ s Initiative Fund to encourage SMEs across various sectors to automate processes and digitalise operations to increase productivity and efficiency |
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business to markets beyond our shores .”
Mizan stated that the partnership would also enable the Bank to expand its SME products to assist its domestic SME clients in fulfilling their financial needs .
Shariah-compliant financial solutions
Being the pioneer of Islamic banking in Malaysia , BIMB offers a comprehensive Shariah-compliant total financial solution to its customers , covering retail and non-retail portfolios .
According to Mizan , through its SME Banking Division , the Bank will continue to intensify its effort and support to the SME sector by introducing various programmes and initiatives to meet their ever-changing needs at every stage of business ’ growth . Touching on the WinBiz Financing , Mizan said : “ In response to the vital role of women and their impact on the nation ’ s well-being , BIMB has shown commitment in championing efforts to provide the necessary support for women entrepreneurs .”
Mizan then shared BIMB ’ s mobile application SMExpert , which was created to establish a digital halal ecosystem that SMEs can leverage to grow their businesses .
Through its strategic collaborations , BIMB offers various resources and opportunities that SMEs could utilise through the mobile application , including customised financial support and international halal market outreach access .
Developing the segment of halal SMEs
Mizan stated that SMEs had enormous opportunities to penetrate the global
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halal market .
“ To propagate , nurture and develop the SME business segment , BIMB plans to advance in providing finance-centric services that cater to the entire halal SME ecosystem .
“ As an Islamic banking and financial institution , it is imperative for the Bank to play a more critical role in catalysing the halal economy by providing the means and better equipping the halal industry players .
“ Through our offerings , the Bank strives to be the preferred partner for SMEs and the Islamic bank of choice in the halal industry .”
BIMB ’ s Go Halal SME Financing Programme is a flagship example of the Bank ’ s initiative to support the halal industry development . In collaboration with HDC , BIMB introduced the Go Halal Fund with an allocation of RM100 million , offered exclusively to eligible SMEs enrolled under the HDC ’ s Halal Integrated Platform ( HIP ).
In addition , the Bank also partners with SME Corp Malaysia to jointly facilitate the implementation of development programmes , financial support and guidance for SMEs across all related ministries and agencies .
On the current progress of the Go Halal Fund , Mizan said : “ The programme is still at the infant stage and has received good response from HIP members . Being a new product , the Bank is looking at ways to serve the members better . However , we are confident that it will benefit HDC members and BIMB customers in the near future .”
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Enabling digitalisation of halal SMEs
Mizan opined that digitalisation was one of the most important investments that a
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BIMB established a digital halal ecosystem that SMEs can leverage to grow their businesses via the SMEXpert mobile app . |
All Economic Sector Facility ( AES ) — BNM ’ s Initiative Fund to enhance access to financing for SMEs across various sectors to support growth
WinBiz Financing — Women in Business Financing Programme ( WinBiz ) is specially designed for Malaysian women entrepreneurs under the category of SMEs to cater to their working capital and capital expenses .
SMEXpert Mobile App — Designed to support and enable SMEs to go digital and expand their business within a Halal digital ecosystem .
business should be making at this current time . He said a robust digital presence could potentially skyrocket SMEs ’ market presence .
“ BIMB has been developing various initiatives and innovative solutions to assist SMEs with their digital enablement initiatives ,” he added .
Aside from SMExpert , the Bank also came up with another mobile application called GO Biz . This mobile banking application is targeted at micro-businesses and SME customers , allowing merchants or sellers to manage their day-to-day business quickly and securely from their mobile devices .
“ In the last couple of years , BIMB has invested millions in digital-enabling infrastructure to facilitate its venture into the digital banking sector . The Bank will embark on the second phase of our technology innovation investment to further enhance the digital banking offerings to the customers ,” he said .
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