Under its five-year roadmap , Bank Islam continues to broaden banking services and contributions towards the real economy by focusing on enabling and developing the small and medium enterprises ( SME ) portfolio .

The CEO of Bank Islam , Mohd Muazzam Mohamed , shared the Bank ' s direction regarding knowledge-sharing , best practices and Shariah-compliant financial services .

Consideration of LEAP25

Bank Islam continuously pursues traction on their lines of businesses and channels from being financing centric to ecosystem play with strategic initiatives to further uphold and enhance SME businesses .

Mohd Muazzam targets to increase dynamic financing programs to cater to a broader SME segment . The bank will intensify strategic collaborations with government agencies and SME associations in supporting the national agenda in growing the halal industry .

To support the SME ecosystem through halal and digitalisation , Bank Islam has launched its SMEXpert Mobile App that efficiently links with industry players to procure services they want for their business .

The five key drivers

Bank Islam has been vital in the mass market segment for retail or individuals by enhancing integrated wealth management and consumer propositions .

Through LEAP25 , Bank Islam advances from a financingcentric approach towards an ecosystem approach to continuously support the SMEs by introducing a few products .

In terms of social financing , Bank Islam collaborates with organisations to enable the underserved segment , targeting financing seekers who cannot access credit through the banking system .

“ T h r o u g h digitalisation , it ’ s allowing mobilisation of capital that propels the bank going forward where we can do end-to-end servicing for our clients and at the same time comply with being Shariah-ESG compliant .”

Synergistic collaboration

Through its SME Banking

Through digitalisation , it ’ s allowing mobilisation of capital that propels the bank going forward where we can do end-toend servicing for our clients and at the same time comply with being Shariah- ESG compliant .”

Mohd Muazzam Mohamed

Division , the Bank introduced various initiatives to cater to the SMEs .

Bank Islam formed collaborations with SME Corporation Malaysia , Halal Development Corporation ( HDC ), Malaysia External Trade Development Corporation ( MATRADE ), SME Associations , education institutions , GLCs and large corporations to support the growth of the SME sector .

“ I believe synergistic collaboration contributes to knowledge sharing and development of a suite of Shariahcompliant SME financial solutions to fulfill the needs of the SMEs .”

SME Biz GROW , WinBiz , Business Premise Financing and Go Halal SME financing are amongst the financing solutions offered . It caters to a broader SME segment , including women entrepreneurs , sole proprietorships , partnerships , and even professional service providers .

SME Biz GROW are specifically designed for SMEs . WinBiz , is a financing product specially designed for women entrepreneurs to manage their business efficiently .

The Targeted Relief Recovery Facility ( TRRF ) provides relief and recovery support for eligible SMEs in the services sector that has been adversely affected by the Covid- 19 pandemic .

Collaborating with HDC , Bank Islam introduced the Go Halal SME , a uniquely designed multi-financing product for SMEs to embark on halal business .

“ This product is exclusive to the SME members in the Halal Integrated Platform ( HIP ) of HDC to finance halal certification & training costs , working capital and capital expenses ,” said Mohd Muazzam .

On top of that , Bank Islam advocates digital enablement to support Malaysian enterprises .

" The SMEXpert mobile app was developed as a business resource and promotion platform to support the entire SME ecosystem ’ s growth and sustainability ," he said .

The SMEXpert App enables users to : I . Enjoy attractive deals for businesses

and consumers from Merchant partners

II . Enrol in training and upskilling with qualified partners

III . SMEs can sign-up as Merchant partners to advertise products and services at no costs .

IV . Donate to a list of verified charity organisations including Sadaqa House via the app

V . Search for suppliers and conduct business matching and networking

VI . Get the know-how on obtaining Halal certification for products and services

VII . Be part of the Halal Ecosystem that will open up limitless possibilities and opportunities for businesses

VIII . Find the right Islamic financial solution to suit business or personal needs and apply online

Driving the Malaysian economy

Bank Islam believes that the provision of comprehensive Shariah-compliant financial solutions to the market will strengthen the halal industry ’ s ability due to drive Malaysia ’ s economy to greater heights . Thus , the Bank hopes to be the Islamic Bank of choice for the halal industry .

“ With a total of RM100 million in portfolio size , the Go Halal SME Financing Program primarily encourages more SMEs to embark on the halal industry and expand the halal market .

“ The global trends on the halal economy presents an excellent narrative with enormous prospects for Malaysia , given its forefront position in the global halal economy .

“ Our domestic halal market is currently valued at RM300 billion , contributing seven per cent of the country ’ s GDP . This figure is projected to grow further to RM400 billion , to account for 11 per cent of GDP by 2030 .”

He also said Bank Islam ’ s restructuring exercise , targeted to be completed by the end of August 2021 had been delayed to October 2021 to the MCO , which required various levels of approvals , such as the High Court and other authorities .

The restructuring exercise was completed on Oct 8 , 2021 . Bank Islam is now a listed entity taking over the listing status from BIMB Holdings Berhad , making it the only listed Islamic bank in Malaysia . This will enable the Bank to grow even faster by having access to the capital market . – Xtra