Commentary 1: In reference to Grants and Allocations to Develop SMEs
Mr. Ernest Kwong, Executive Vice President, Head of Group SME, Alliance Bank Malaysia Berhad
Alliance Bank welcomes Budget 2020’s matching grants and allocations, and measures to ease access to financing to help small and medium-sized enterprises (SMEs) adopting digital solutions and smart automation in line with the country’s aspiration to embrace the Fourth Industrial Revolution (IR4.0). The simpler and faster financing will encourage SMEs to invest in technology to improve their day-to-day operations, build capacity, and increase their efficiency, productivity, and competitiveness.
As a SME-focussed bank, we look forward to partnering the government’s effort and provide the necessary advisory and funding support to help our SMEs grow to their full potential. Through our SME banking solutions, Alliance Bank has been helping Malaysian businesses in their growth journey. In FY2019, we disbursed close to RM2.35 billion in loans to support SMEs’ expansion, and provide more jobs. In addition, our initiatives such as the Alliance Bank BizSmart Challenge for SMEs give young business owners the opportunity to learn and be mentored, to grow to be industry leaders, and for their business, brand exposure. We are also building digital tools for trade financing, and improving our award-winning BizSmart Online Banking, to help SMEs run their business more efficiently.
Commentary 2: In reference to the Development of SMEs in Halal Industry and Islamic Finance
En. Rizal IL-Ehzan Fadil Azim, Chief Executive Officer, Alliance Islamic Bank Berhad
The announcement on the allocation for small-and-medium enterprises (SMEs) to build capacity and boost exports, in particular, for Halal products, is welcomed. Its focus on enabling more SMEs to go through the Halal certification process, and develop Halal products for a global market, is what we champion at Alliance Islamic Bank. Our Halal-in-One business solution provides advisory services and business matching opportunities to SMEs intent on developing their business in the Halal space, together with our shariah-compliant financing to take their business further.
We laud the setting up of the Special Islamic Finance Committee, and development of the Islamic Economic Blueprint and Islamic Finance outreach initiative to further progress the evolution of the Islamic finance ecosystem. The ministerial-level oversight will be helpful to align and coordinate the development of both the Islamic finance and Halal sectors.
We also view the enhancements in the tax incentive to encourage social responsibility among corporates will encourage more companies to enhance efforts to address societal and environmental concerns. Alliance Islamic Bank has several of such Corporate Responsibility programmes such as SocioBiz where our zakat contribution, and funds raised from Malaysians, help empower enterprising but financially disadvantaged individuals to become micro business owners. This year, we also have plans to launch Do-Good-As-You-Go products to help the less fortunate in our society.
