KUALA LUMPUR: Maybank Islamic Bhd has spread its urban farming funds initiative to help reduce income inequality and poverty by identifying four new sites in Selangor and Kelantan.
The pilot project, in collaboration with INCEIF University, commenced in late 2021 targeting 60 urban poor in Bandar Rinching, Semenyih with a minimal investment of RM90,000.
Maybank Islamic said 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 9, 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.
Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said the initiative specifically supported the economic, social, and environmental sustainability of urban farming.
Mohamed Rafique said the bank developed this initiative in collaboration with INCEIF as a proof-of-concept for Islamic social finance instruments that can help reduce income inequality and poverty.
"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," he said.
Mohamed Rafique said the bank was hopeful that the initiative would serve as a catalyst and assist 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 agro techpreneurs and break out of the B40 community," he said.
Maybank Islamic is allocating a zakat fund of RM260,000 to expand this programme to the second phase.
This will benefit more than 120 participants at two sites in the state of Kelantan and another two in Selangor. One of the sites in Beranang, Selangor has only recently commenced operations.