I-Taajir a micro finance support system for start-up entrepreneurs

By Liana Zulkifli

Because of commitment to create a support system for Muslim entrepreneurs under the Centre of Islamic Economics (CIE), the upcoming I-Taajir Cycle 2 will be a continuity of the successful Cycle 1. Managed by IIUM researchers, it is aimed to practise and put critical elements of theoretical and analysis works into the Islamic theory funding project through I-Taajir Entrepreneurship Mentoring Programme in starting and developing a business.

The fund is supported by CIMB Islamic Bank as one of its Corporate Social Responsibility (CSR)’s objective targeting groups mainly IIUM students, staff and the residents of transit house around Kuala Lumpur. Selected candidates will have an opportunity to undergo training sessions with collaboration of students from the Kulliyyah of Economics and Management Sciences (KENMS) in preparing their business proposals.

As the targeted candidates are mostly from the lower income group, the I-Taajir will give them Islamic micro finance support without riba’ and zero interest after the proposal is presented and received approval from the team. The three Islamic modes as their references throughout this entrepreneurship mentoring programme are Murabahah, Mudharabah & Musyarakah and Qardul Hasanah.

The main objective is to train new entrepreneurs for business startups, to assist small entrepreneurs in expanding their business, to provide job opportunities to the targeted group, to give micro finance, and to increase their lifestyle and income. It is in line with the CIE vision to establish an Islamic micro finance institution with amanah and through Islamic value.

Recently, I-Taajir has targeted Kg. Baru Air Panas, Kuala Lumpur in which the scope has been broadened to include 2,000 people in the mix multicultural area and is also open to the non-Muslim community. The previous cycle from Kg. Sg. Kertas which had come out with 14 products had received micro finance support up to RM10,000, free entrepreneurship training and motivation as well as spiritual support from the institution.

CIMB Islamic, a known Islamic banking institution in Asia with expertise in investments, is taking a different approach by collaborating with IIUM to cultivate entrepreneurship culture among the society. They believe that entrepreneurship is a continuous process through effective plans by providing  entrepreneur skills for long benefit of the society.

CIE is an Islamic financial research institution providing a comprehensive understanding of the Islamic economic concept. ***

READ: http://news.iium.edu.my/2018/10/07/i-taajir-cycle-2-expects-wider-participation-from-lower-income/

Liana Zulkifli

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