ROOTING ON GREEN CULTURE FOR A SUSTAINABLE FUTURE

Maybank Islamic funds urban farming initiative to help reduce income inequality and poverty

SEMENYIH, 16 FEBRUARY 2023: Encouraged by the positive economic and social impact brought by its first urban farming project, Maybank Islamic Berhad is spreading this initiative and has identified four new sites in two states, Selangor and Kelantan.

The pilot project, of which the Bank collaborated with INCEIF University, commenced in late 2021 targeting 60 urban poor in Bandar Rinching, Semenyih with a minimal investment of RM90,000. The location was chosen due to the readily available land, and effective local network which comprised the local mosque’s committee and Rukun Tetangga members.

A small plot of land measuring 800 sq ft, in the housing area at Section 5, Bandar Rinching was turned into an aquaponics area where fish farming facilitates the soilless growing of vegetables through hydroponics. This involves a network of pipes connecting a fish tank, a water pump, and a plant bed where vegetables are planted in gravel as water is pumped through it.

“The initiative specifically supports the economic, social, and environmental sustainability of urban farming and we developed it in collaboration with INCEIF as a proof-of-concept for Islamic social finance instruments that can help reduce income inequality and poverty,” said Maybank Islamic CEO Dato’ Mohamed Rafique Merican.

He added that the Bank is more than pleased to note that some of the participants have benefited well from the small window of opportunity given to them.

“We believe that such project can provide low-wage earners not just the opportunity to learn new or polish hidden skills but at the same time help them generate additional source of income for their families by selling their excess produce. A sustainable urban farming can not only enable communities to grow food independently but it can potentially provide opportunities for employment, entrepreneurship and social cohesion.”

Dato’ Mohamed Rafique added that the Bank is hopeful that this initiative will serve as a catalyst and assisting local small businesses in creating a pathway for everyone to become more involved in sustainable farming.

“Maybe in the future we can even see more young people delving into this and become successful agrotechpreneurs and break out of the B40 community,” he said.

Maybank Islamic is now allocating a zakat fund of RM260,000 to expand this programme to the second phase which will benefit more than 120 participants at 2 sites in the state of Kelantan and another two in Selangor. One of the sites in Beranang, Selangor has only recently commenced operations.

Photo 1: From left: President & CEO of INCEIF University, Prof Dato' Dr Azmi Mohd Amir, Chief Executive Officer of Maybank Islamic Berhad, Dato' Mohamed Rafique Merican, Assoc Prof Dr Baharom Abdul Hamid, Head of Researcher, INCEIF University and Community Leader, Mohamad Zalani Kamaruddin.

Photo 2: From left: President & CEO of INCEIF University, Prof Dato' Dr Azmi Mohd Amir, Chief Executive Officer of Maybank Islamic Berhad, Dato' Mohamed Rafique Merican and Director of Maybank Islamic Berhad, Shariffudin Khalid during the launch of Maybank Islamic Urban Farming Project at Bandar Rinching.