Monday, September 14, 2015

UiTM Foundation for Economic Transformation

The Vice Chancellor of Universiti Teknologi MARA (UiTM), Tan Sri Dato' Seri Professor Ir Dr Sahol Hamid Abu Bakar and the Director of Accounting Research Institute (ARI), Professor Dr Normah Omar recently met up with the Yang Di Pertua Negeri Pulau Pinang, Tuan Yang Terutama (TYT) Tun Datuk Seri Dr Haji Abdul Rahman bin Haji Abbas on the viability for UiTM to set up a foundation to support the university's research project related to Islamic Microfinance.  The research project targets microcredit entrepreneurs in Penang who are currently being financed by  various financiers such as Amanah Ikhtiar Malaysia (AIM), TEKUN and financial institutions.  The aim is to link them (microcredit entrepreneurs) with suitable partners who can either supply raw materials at much discounted cost or they can market the entrepreneurs' products through a "buy-back" concept.  As part of its economic transformation programme, the Accounting Research Institute has successfully embarked on Islamic Microfinance programmes (Tailoring) in Selangor and Terengganu.