TECH Outreach’s First Grameen Project
TECH Outreach was introduced in Malaysia in 2004 by Dr. Selvamalar Ayadurai, an Entrepreneurship Consultant, who worked closely with women affected by war in the war-torn zone of the North-East of Sri Lanka. TECH was registered with the Registrar of Companies in Malaysia in 2004. In 2008, Dr. Selvamalar Ayadurai expanded the scope of TECH Outreach to cover communities in Sri Lanka, Malaysia and Nepal. TECH Outreach was formed in 2008 and registered with the Registrar of Societies in May 2009.
TECH Outreach Malaysia functions on the platform to transform, enhance, cultivate and harness the elements imperative to championing the SELF-SUSTAINABILITY pursuit in disadvantaged communities. TECH Outreach Malaysia believes in helping communities tap into their potential and transform themselves through entrepreneurial proactiveness, risk-taking and innovation. It is within this framework of vision that TECH Outreach has adopted the famous “Grameen Micro-Credit Financing” Model by Professor Muhammad Yunus, in transforming women communities.
The Grameen Banking System (GBS) is a Micro-Credit Financing Model which gives loans to women without any collateral or guarantee. It is the brainchild of Professor Muhammad Yunus, the 2006 Nobel Peace Laureate of Bangladesh who was awarded the Medal of Freedom by President Barack Obama. It was introduced in 1976 in Bangladesh but today has been replicated in more than 150 countries, including Malaysia. More than 98% of the borrowers are women who borrow the money for income generation projects. Women borrowers form groups of 5 to 10 on a group lending basis and repay the loan on a weekly basis under a closely supervised and established banking system. The GBS has alleviated poverty and lifted more than 68% of the women borrowers above the poverty line. Women under the GBS strictly adhere to the 16 Decisions which is a “way of life” professed under the Grameen Model.