Bank Islam Malaysia Bhd (Bank Islam) and the Credit Counselling and Debt Management Agency (AKPK) have inked a memorandum of understanding (MoU) to expand financial management programmes for individuals, as well as small and medium enterprises (SMEs).
Through this partnership, the AKPK representatives will offer financial management education to Bank Islam’s clients. Based on the modules jointly developed with Bank Islam, the topics that will be covered include banking products or services that cater to the needs of the participants.
“These holistic and practical modules will strengthen the knowledge of participants and help them make appropriate financial assessments,” Bank Islam said in a statement.
Furthermore, the programmes under this initiative are not limited only to Bank Islam’s clients; they will be extended to participants who are enrolled in the AKPK’s financial education programmes as well. This expansion is to improve the wellbeing of all customer segments and to increase financial inclusion among Malaysians.
For context, the financial management programmes that are being expanded under this Bank Islam-AKPK partnership have actually been offered since the beginning of the Covid-19 pandemic. Its success has encouraged both parties to strengthen their cooperation, marked by the recent signing of the MoU.
Besides the programmes, chief executive officer of Bank Islam, Mohd Muazzam Mohamed said that the bank is also seeking to provide value-added services, such as financial planning and negotiation services. “Bank Islam aims to take steps to further enhance its role as a provider of shariah-compliant financial products and services to meet the needs of all market segments,” he added.
(Sources: Bank Islam, The Edge Markets)
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