CIMB Islamic, Yayasan Waqaf Malaysia and Yayasan Belia Malaysia kick off the second edition of iTEKAD CIMB Islamic Rider Entrepreneur Programme through the concept of Temporary Waqaf

17 Aug 2022

Continuation of the programme highlights the commitment towards sustainability of asnaf and B40 communities, prioritising value-based intermediation and social finance 

Kuala Lumpur: CIMB Islamic Bank Berhad (“CIMB Islamic”), together with programme partners Yayasan Waqaf Malaysia (“YWM”) and Yayasan Belia Malaysia (“YBM”) today jointly inked a partnership agreement, which will see the continuation of the iTEKAD CIMB Islamic Rider Entrepreneur Programme into its second edition through the concept of Temporary Waqaf.

The signing took place at Menara CIMB in Kuala Lumpur today, with signatories Ahmad Shahriman Mohd Shariff, Chief Executive Officer of CIMB Islamic, Prof. Dr. Amir Shaharuddin, Chief Executive Officer of YWM and Dato’ Mustapa Othman, Chief Executive Officer of YBM, marking the second instalment of the community empowerment initiative.

The ceremony was graced by the presence of YB Datuk Haji Ahmad Marzuk Shaary, Deputy Minister in the Prime Minister's Department (Religious Affairs), who witnessed the signing, along with Dato’ Dr Suhaimi Ibrahim, Chairman of YBM and Dato’ Mohamed Ross Mohd Din, Chairman of CIMB Islamic. Also in attendance were representatives of the programme partners namely Taylor’s Community and online food delivery service provider, foodpanda Malaysia.

The iTEKAD CIMB Islamic Rider Entrepreneur Programme supports Bank Negara Malaysia’s (“BNM”) iTEKAD umbrella initiative, which mobilises social finance to support the asnaf and B40 communities achieve financial resilience and generate sustainable income. The Rider Programme aims to provide participants with job opportunities as food delivery riders with foodpanda Malaysia, supplemented by quality training from Taylor’s Community on entrepreneurship. YWM’s role in this strategic partnership is as a waqaf fundraiser, whilst YBM is the programme’s overall coordinator mobilising the procurement and distribution of motorcycles to the participants.

CIMB Islamic together with YWM jointly committed a Waqaf contribution of RM300,000 as seed funding for the programme, through the application of the Waqaf Muaqqat (Temporary Waqaf), while aligning closely with iTEKAD’s goal of using social finance instruments such as Waqaf (endowments), Zakat (tithe) and Sadaqah (alms).

YB Datuk Haji Ahmad Marzuk Shaary said, “Through the application of Waqaf Muaqqad, the waqaf funds collected will be changed to motorcycles (i.e. ‘Ayn Waqaf) and handed over to YBM as a Temporary Waqaf, which is bonded for 12 months (i.e. Waqaf Muaqqat). Within the same Waqaf period, YBM will hand over the motorcycles to the programme participants as “Ariyah” or commonly known as loans. Once the Waqaf period is concluded, the motorcycles will be given to the participants as gifts (i.e. Hibah) upon successful completion of the programme within the agreed terms and conditions. Waqaf products used in this programme are a priority in the current administration of the Islamic affairs as it is aimed at providing assistance to those in need especially the asnaf and B40 communities.”

Ahmad Shahriman Mohd Shariff, Chief Executive Officer, CIMB Islamic said, “We continue to see the importance of our Rider Entrepreneur Programme which provides economic assistance to participants from the asnaf and B40 communities, including entrepreneurship skills that will help them improve their livelihoods. This Merdeka month, and in line with CIMB Group’s new brand proposition, ‘Moving Forward with You’, we are committed to supporting BNM’s iTEKAD initiative together with our esteemed programme partners, bringing greater economic empowerment for all participants and further inculcating the spirit of entrepreneurship in Malaysia. This is aligned with BNM’s value-based intermediation, where the intended outcomes of Shariah are delivered through initiatives that generate positive and sustainable impact to the economy and community.”

The first year of the programme kicked off with 40 participants, and with positive response from the communities, the rider programme will be onboarding another 50 participants for the second year. Participants will be required to go through an interview, followed by a four-day bootcamp featuring various aspects of entrepreneurship, including financial management, technical skills, and emotional wellbeing. Final participants will be assessed in a pitching session where they will present their business ideas to a panel of judges before receiving motorcycle grants and being onboarded as food delivery riders.

Upon successful completion of their one-year work placement with foodpanda Malaysia, the riders will have the option of continuing their employment with foodpanda Malaysia or becoming full-fledged entrepreneurs. Those who opt to start a business after the one-year commitment, will have access to CIMB MicroBiz Ready entrepreneurship training programme, with special micro financing facility, as well as the Program Keusahawanan Taylor’s-CIMB Islamic which offers business grants.

In addition, BNM’s Micro Enterprises Facility (“MEF”) and other grants, as well as SME financing from CIMB Islamic are also available to aid these business owners in realising their entrepreneurial aspirations.