KUALA LUMPUR (Apr 2): The RM200 million Al-Ansar Bumiputera fund, a new initiative by Lembaga Tabung Haji (LTH), was launched by Prime Minister Datuk Seri Najib Razak to help bumiputera businessman obtain funds for business.

Najib said the initiative by LTH is a good one and is set to make a big impact.

"I hope the other government-linked companies will follow the footsteps of LTH," he said at the launch of the new fund at parliament today.

"I have said the bumiputera agenda is a national one. I wish that this statement translates into action and programmes that will bring results to fulfil the agenda in order to strengthen the bumiputeras for this agenda to succeed," he told about 100 participants today.

The fund would be the first Restricted Investment Account (RIA) in Malaysia, and is approved by Bank Negara Malaysia. It offers credit ranging between RM50,000 and RM1 million to bumiputera businessman through Bank Islam for a period of five years.

The fund will benefit businessman from 11 sectors, including halal food, oil and gas, education, healthcare, agriculture and agrobase, transportation, telecommunication among others.

LTH chairman Datuk Seri Abdul Azeez Abdul Rahim said the RM200 million is from the earnings from LTH's investment and not from depositors.

Loans for 11 companies were approved and awarded during the launch today, and another 20 applications are still in process.

He added that the board of directors of LTH has yet to discuss any plan beyond the RM200 million allocation to the fund.

"As of now, we allocated RM200 million to the fund, and we will look at the repayment in the next three to five years," Abdul Azeez said at a press conference.