The International Centre for Education in Islamic Finance (“INCEIF”) constantly engages with its stakeholders to push the agenda of promoting sustainable development and exploring opportunities to continuously contribute to United Nation’s Sustainable Development Goals (SDGs).

To realise these objectives, INCEIF is actively involved in research and development projects to boost the sustainable agenda of Malaysia’s finance industry. INCEIF has played a role in a number of initiatives, which include:

– Involvement in drafting the Value-based Intermediation Financing and Investment Impact Assessment Framework (VBIAF) together with Bank Negara Malaysia, The World Bank and World Wildlife Fund Malaysia

– Conducting a comprehensive feasibility study on innovative financing, investment platforms and business models for renewable energy and energy efficiency in Malaysia, through a research grant awarded by the then Ministry of Energy, Green Technology and Water (currently known as Ministry of Energy, Science, Technology, Environment and Climate Change or MESTECC)

– Conducting research on the transformation of technology-based small-medium enterprises towards becoming sustainable technopreneurs through a research consultancy project for the Malaysian Technology Development Corporation (MTDC)

INCEIF has also worked with a strong key player in the financial services industry, CIMB Islamic Bank Berhad (“CIMB Islamic”), to develop a sustainability strategy, financing and valuation framework for the bank. The sustainable financing framework complements the aspiration of Bank Negara Malaysia’s Value-based Intermediation (VBI) for the Islamic banking industry, and CIMB’s on-going initiative to embed sustainability into all aspects of the group’s business and operations, within Malaysia and regionally.

The project entailed comprehensive benchmarking based on global best practices, qualitative and quantitative analysis of global environmental, social and governance (ESG) databases and indexes, in-depth industry and academic literature review, as well as extensive engagement with key stakeholders in the social and environmental sustainability space.

CIMB Islamic Chief Executive Officer Mr. Rafe Haneef said: “Our commitment to Value-based Intermediation (VBI), together with CIMB Group’s commitment to the Principles for Responsible Banking, through its membership of the United Nations Environment Programme Finance Initiative (UNEP FI) in 2018 marked an important milestone in our sustainability journey. VBI principles embraced by CIMB Islamic have also been incorporated into CIMB Group’s Sustainability pillar in its next mid-term strategy, through which CIMB seeks to advance not just customers, but also societies. As an ASEAN MNC in the financial industry, we have a huge responsibility to create value not just economically, but also environmentally and socially.”

Source: Salaam Gateway