Dr Azura Othman
KUALA LUMPUR: Islamic financial institutions in Malaysia are ahead of the curve when it comes to integrating environment, sustainability and governance (ESG) with the introduction of the Value-Based Intermediation (VBI) initiative by Bank Negara Malaysia in 2017.
According to a Chartered Institutes of Islamic Finance’s (CIIF) recent webinar on the ESG agenda in financial services, the adoption of ESG would bring immense benefits to consumers and investors, as well as to the preservation of environment.
The #CIIF.Tallks webinar session entitled “ESG and Islamic Finance” also acknowledged the aspects of ESG, what it entails and how it is linked to Islamic finance. It also acknowledged the increased awareness, especially among the new generation, and the growing demand for ESG.
CIIF chief executive officer Dr Azura Othman said awareness on ESG with supporting data would be emphasised by the CIIF when educating its members in hopes of ensuring a sustainable Islamic finance industry.
“The key takeaways from the talk will play a key role in the decision-making process for strategies moving forward for all organisations involved including the CIIF,” she said in a statement yesterday.
Azura said the CIIF has always been exceptionally receptive to the changes around the finance industry as it continues to diligently make every effort possible in elevating the quality of its members and their recognition in the industry.
“In addition, it is crucial that the public is well-informed about the differences between Islamic finance and conventional finance,” she added.
In line with its key objectives, the CIIF continues to collaborate with notable organisations in developing industry-relevant programmes and channels through which members and the public can gain access to the knowledge and inventory of tools in acquiring the necessary capabilities that the industry demands.
The #CIIF.Tallks live webinar series is one of the many initiatives that the CIIF has implemented in attaining this objective. — Bernama