April 15, 2020

Alliance Islamic Bank Helps Social Enterprises Help Communities-in-Need

Public and corporates welcomed to extend the RM200,000 fund targeted for the effort

Kuala Lumpur, 15 April 2020 – Alliance Islamic Bank Berhad (“Alliance Islamic Bank”), a subsidiary of Alliance Bank Malaysia Berhad today launched a new initiative that is unique and first-of-its-kind in the country, to help local social enterprises that makeup of untapped segment in the communities they are in. The objective is to create a support system for them by procuring their products and services and channelling the supply to meet the needs of disadvantaged communities that are affected by COVID-19. By helping social enterprises in this manner, the initiative provides a means for them to have income, to continue to provide employment, while immediately helping communities-in-need at the same time.

Alliance Islamic Bank announced the initiative is in collaboration with Citrine Capital, Malaysian Global Innovation & Creativity Centre (MaGIC) and NGOhub. The purpose of the strategic collaboration is to reach out to social enterprises and help communities-in-need, via AIS’ social crowdfunding platform, SocioBiz. Citrine Capital is an impact investor that has the expertise in assessing social enterprises, their requirements, needs and impact deliverables. They will perform due diligence in the selection of the social enterprises to be enlisted unto the new initiative. Additionally, MaGIC, the agency under the Ministry of Entrepreneur Development and Cooperatives Malaysia, serves as a great platform to tap into their large base of social entrepreneurs that are readily available to get the targeted segment unto the programme. Nonetheless, NGOhub, developed by SOLS 24/7, has a wide base of NGOs connected to them and is able to perform pulse check on the needs of the communities on the ground.

“Social enterprises play an important role in helping marginalised communities earn a living and sustain their livelihood. Like any SME, they have fixed cost burden and staff. With minimal to zero income during this challenging season, social enterprises too lack the financial capacity to continue the good they do,” said Alliance Islamic Bank’s Chief Executive Officer Mr. Rizal IL-Ehzan Fadil Azim.

Rizal added, “This ecosystem with the right partners is inspired by the values of social enterprises and makes positive contribution within the value chain. It creates a double-impact outcome where the social enterprises sustain their operations and communities-in-need are assisted. In this time of need, we are here for our communities to weather the challenging period together.”

(Quote by MaGIC CEO)

MaGIC Chief Executive Officer, Dzuleira Abu Bakar adds, “MaGIC is delighted to participate in this innovative collaboration with like-minded partners who are equally passionate about supporting our country’s social enterprises. It’s truly a reflection of how our community can come together to be social innovators and devise solutions that benefit society.

We’ve been working closely with social enterprises for years, from capacity building through our programs to offering the country’s first accreditation system to recognize their status. Through this unique initiative, we’re hoping to help social enterprises continue the good work - providing vital livelihood to their beneficiaries and more importantly, helping communities affected by the COVID19 pandemic.”

Generous public, high-net-worth individuals and corporates are welcomed to partner the effort by helping to fund it via the SocioBiz platform. The initiative aims to raise an initial target of RM200,000 total funding to be distributed to select social enterprises for them to supply meals, personal protective equipment and other hygiene essentials like sanitisers and soaps to those affected communities.

The application to seek funding through the SocioBiz platform was open to all social enterprises and the shortlisted entities are listed online.  Updates on all contributions and disbursement of funds will be available on the website.

For more information about Alliance Islamic Bank’s SocioBiz crowdfunding platform, please visit: www.sociobiz.com.my

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About Alliance Islamic Bank Berhad

Alliance Islamic Bank Berhad (AIS) is a wholly-owned subsidiary of Alliance Bank Malaysia Berhad (Alliance Bank), and offers a wide complement of Shariah-compliant products and services for consumers and businesses.

AIS is an ardent promoter and supporter of initiatives that create positive impact on business, the community, and the environment.  

About Malaysian Global Innovation & Creativity Centre (MaGIC)

MaGIC enables and supports the sustainable growth of entrepreneurship in Malaysia. Our goal is to drive sustainable entrepreneurship ecosystem development through innovation and creativity by creating value and new economic drive for Malaysia. We help entrepreneurs at every stage of their journey by collaborating with other government agencies, industries and stakeholders. To build our nation’s innovation and creativity skills as well as grow talent, we offer dynamic programmes and capacity-building initiatives. MaGIC also positions Malaysia as a gateway into ASEAN for entrepreneurs to expand their business and reach. Social entrepreneurship is a key focus for us too as we aim to drive the movement forward through community engagement, capability development and social impact measurement initiatives.

MaGIC is an agency under the Ministry of Entrepreneur Development and Cooperatives (MEDAC)  with a mandate that realises the aspirations of the National Entrepreneurship Policy 2030 (Dasar Keusahawanan Nasional 2030) and contributes to the evolution of Malaysia into an entrepreneurial nation.

For more information on MaGIC, please visit https://mymagic.my/en/

For Media Enquiries, please contact:

Ms. Agnes Ong

Vice President, Group Communications

Alliance Bank Malaysia Berhad

Email: agnesong@alliancefg.com

Tel: 03-2604 3378 / 012-672 4245

Andrew Ooi

Communications Manager

Ceria Communications (MaGIC PR Agency)

Email: andrew.ooi@ceria.asia

Tel: 016-335 6543