Govt allocates RM1 bln to foster new generation of Bumiputera entrepreneurs — PM

The government is set to allocate a substantial fund of RM1 billion to foster a new generation of Bumiputera entrepreneurs in high-growth sectors, to be managed by government-linked investment companies (GLICs), says Prime Minister Datuk Seri Anwar Ibrahim.

This initiative comes in response to calls for the establishment of a Bumiputera Transformation Acceleration Fund during the three-day Bumiputera Economic Congress (KEB), which kicked off on Feb 29.

“We have the capability to cultivate more successful Bumiputera entrepreneurial ventures akin to Aerodyne, which has made significant strides in the global market with its drone services.

“We should also celebrate the achievements of companies like Les Copaque and Animonsta, which have led the way in the creative industry, and we commend the accomplishments of numerous young entrepreneurs who are adept at leveraging cutting-edge digital technology for business, such as Khairul Aming,” said Anwar.

During a special address at the conclusion of the KEB, the Prime Minister also announced the creation of the Mara Madani Waqf Fund, supported by an initial grant of RM100 million, aiming to achieve accumulated funds amounting to RM1 billion within two years.

He said His Majesty Sultan Ibrahim, King of Malaysia, had consented to become the patron of the ‘waqf’ system, and the progress of this initiative would be reported to the Conference of Malay Rulers.

Anwar said the waqf system would be spearheaded by Majlis Amanah Raya (Mara) and implemented by Mara Education Foundation.

“The Mara Madani Waqf will benefit 70.1 per cent of the Bumiputera population, ensuring access to education, welfare, health, entrepreneurship, and transportation, which are increasingly crucial in this new era.

“The government has also agreed to extend tax deductions for stock-based waqfs such as the ASNB Waqf (Amanah Saham Nasional Bhd Waqf) and Waqaf An-Nur under Johor Corp,” he stated.

“The government has also agreed to extend tax deductions for stock-based waqfs such as the Amanah Saham Nasional Bhd (ASNB) Waqf and Waqaf An-Nur under Johor Corp,” he said.

As for unutilised waqf lands, Anwar highlighted that the Madani Budget 2024 had allocated a financing fund of RM500 million as an incentive for the development of waqf lands to generate sustainable income and provide affordable housing.