Assessing the Effectiveness of the ISHRAF XYZ Bank Program in Empowering Asnaf Entrepreneurs: Insight of Economic Well-Being and Teaching and Coaching Methods
摘要
The ISHRAF XYZ Bank Program by XYZ Bank Malaysia aids Asnaf entrepreneurs, individuals eligible for Zakat under Islamic law, such as the poor and needy. This study investigates the impact of the ISHRAF XYZ Bank Program on the economic well-being of Asnaf entrepreneurs in Malaysia and the effectiveness of teaching and coaching methods. The programme offers financial support, training, and ongoing coaching to empower entrepreneurs who are eligible for Zakat under Islamic law. In this qualitative study, 60 participants participated in focus groups and discussions. These participants were Malaysians from six states: Perak, Penang, Kelantan, Terengganu, Johor, and Pahang. This study provides an explanation of the effectiveness of the teaching and guidance approaches used in this entrepreneurship programme. Factors such as comprehensive syllabus design, practical activities, use of online resources, small-scale group work, ongoing coaching sessions, as well as face-to-face interaction have been identified as key contributors that support the growth of entrepreneurship among the Asnaf. This approach enables participants to improve their skills and financial resources in order to achieve financial freedom and contribute to Malaysia's socio-economic development. These findings also provide an indication for policymakers and stakeholders to further streamline entrepreneurship programs targeting disadvantaged groups to work together towards creating economic inclusion and social justice holistically.