Monday, June 15, 2015
Tailoring Transformation Through Islamic Microfinance Program
The Tailoring Transformation Islamic Microfinance in Terengganu involve four strategic partners: (1) The tailoring entrepreneurs themselves who are the main players- currently, there are 20 of them working in two separate centres in Paka and Kuala Terengganu. The groups target to produce 1500 pairs of baju kurung during this fasting month. (2) Sultan Mizan Royal Foundation (YDSM) acts as a financier to the transformation program. Alternatively, financing for the program can also be sourced from other agencies such as microfinance companies (Amanah Ikhtiar Malaysia - AIM and Tekun), State Islamic Council, Zakat Centre and Banks. As a financier for this transformation program, YDSM provides sewing machines and other necessary supplies to the entrepreneurs. Two buildings have been identified to be used by the women entrepreneurs for their tailoring operations. (3) Mydin Mohamed Berhad supplies fabrics and buys the finished goods from the entrepreneurs. Essentially, the responsibility to sell the products to the consumers rest with Mydin Mohamed Holding Berhad. (4) ARI/UiTM as a research centre, coordinates the activities, provides fundamental training in financial management and financial reporting for the entrepreneurs and record pertinent information as research data. At ARI, a specific research cluster, namely Islamic Microfinance Group has been set up to monitor progress and to measure impact of the program on the entrepreneurs' quality of life and socio-economic status. In the long run, ARI hopes to replicate this initiative to other states in Malaysia.