Abdul Rasheed says adopting sustainability principles in financial business is no longer a niche, but a business imperative.Bank Negara Malaysia is doubling down on the implementation of value-based finance and calls for its wider adoption, not only in Islamic finance but across the financial industry.
The central bank governor acknowledged that it is not an easy feat to progress from the “emerging” phase since the introduction of the Value-based Intermediation strategy framework in 2017. He said the UN Conference on Trade and Development and the International Monetary Fund estimate that US$4.3 trillion in global annual investments are needed to make strides in the sustainable development goals .
“We have diverse syariah contracts and instruments which can be tailored to engineer solutions that can serve varying needs of different segments of society. In Islamic finance, we have the ability to ‘blend finance’ using different forms of capital such as philanthropic capital and risk capital, thus expanding its intermediation role beyond credit provisions and risk transfers,” he said.
France Dernières Nouvelles, France Actualités
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