Bank Rakyat passed RM3.8 million in BRIEF-I financing

KUALA LUMPUR: The Ministry of Entrepreneur and Cooperative Development (Kuskop) through its agency, Bank Rakyat approved 43 applications for the Bank Rakyat Indian Entrepreneur Financing-i (BRIEF-i) financing program worth RM3.8 million.

According to Kosmo Online, the Deputy Minister of Entrepreneur Development and Cooperatives, Datuk Ramanan Ramakrishnan said, as of 27 June 2024, BRIEF-i recorded more than 1,000 inquiries from entrepreneurs nationwide.

“Of this amount, a total of 135 applications are being processed involving a total of RM5.7 million in funding.

“Bank Rakyat has also approved 43 applications amounting to RM3.8 million with a target total approval of RM4 million,” he said at the BRIEF-i Financing Program Check Handover Ceremony

Ramanan said that through financing programs such as BRIEF-i, the government can ensure that more Indian entrepreneurs are able to access the necessary funds to expand their businesses thus driving the socioeconomic development of the community.

He said, BRIEF-i offers Shariah-compliant financing with competitive profit rates and flexible terms, so it is a progressive step that will provide great benefits to Indian entrepreneurs.

He added that the BRIEF-i program is the best example of supporting entrepreneurship among minority communities in line with national aspirations.

“It is also in line with the mandate of the Prime Minister, Datuk Seri Anwar Ibrahim to ensure that no one is left behind in the current of development,” he said.

Meanwhile, Bank Rakyat Chairman Datuk Mohd Irwan Mohd Mubarak said that Bank Rakyat hopes that BRIEF-i can help entrepreneurs to innovate in addition to being able to access and explore business opportunities in the digital era.