Fishermen’s Financial Assistance Scheme
The Group’s long running community project, the Fishermen’s Financial Assistance Scheme, was developed to benefit fishing communities located near our three key marine bases. QL provides a source of capital for fishermen to build, upgrade and modernise their fishing fleets. With such a financial scheme, fishermen are able to improve their fishing capabilities and livelihoods. As a consequence, fishing communities themselves are developed through the creation of local economic activities and associated multiplier effects.
With a stringent lending-management practice and in-depth understanding of the risk factors, QL minimises its exposure to defaults. Similar to microfinance pioneered by Grameen Bank in Bangladesh, we believe that access to capital empowers fishermen and allows them to improve their livelihoods. This initiative is a successful win-win project in which QL secures its long-term supply of marine catch while also creating a far reaching, socio-economic impact in rural fishing communities.
To-date, QL has provided interest-free loans to over 800 fishermen, with a total book value of more than RM29 million:
- Hutan Melintang – Over 550 advances worth a total of RM10 million
- Kota Kinabalu – Over 20 advances worth a total of RM2 million
- Endau – Over 220 advances worth a total of RM17 million