Sunday 24 March 2019

Rafe Haneef

GIFF focus on VBI to strengthen Islamic finance

KUALA LUMPUR, Malaysia, August 7, 2018

Islamic finance leaders will discuss ways to advance value-based intermediation (VBI) aiming to build a more sustainable and inclusive global financial ecosystem at the upcoming Global Islamic Finance Forum (GIFF) in Kuala Lumpur, Malaysia.

The event runs on October 3 and 4 under the theme “Beyond Profit”.

“The introduction of the VBI Strategic Paper by Bank Negara Malaysia in 2017 marked an important milestone in realising the full potential of Islamic finance and has placed Malaysia at the forefront of Islamic banking leadership globally, with the aim to strengthen the roles and impact of Islamic banking institutions (IBIs) towards a sustainable financial ecosystem,” said Rafe Haneef, organising chairman, GIFF2018 and Deputy President of the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM).

“The adoption of VBI as this year’s theme for GIFF is both apt and timely, given its key role in propelling the development of the Islamic finance industry. GIFF 2018 is a powerful platform for meaningful conversations and insights on how VBI will be a game changer to drive Islamic finance industry to its next level of growth, while giving equal importance to social, ethical and environmental considerations towards sustainable value creation.

“The application of VBI practices will result in a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, which are very much aligned with shareholders’ focus on sustainable, long term returns,” he added.

Haneef, who is also the chief executive officer of CIMB Islamic Bank, CIMB Group noted: “In addition to the launch of the VBI scorecard at GIFF, the presentations and discussions at the forum will culminate in a Statement of Commitment. This statement will be made available to the industry to demonstrate their recognition of and commitment to adopting the good practices.”

The VBI Scorecard is a collaborative initiative by Bank Negara Malaysia, Global Alliance for Banking on Values (GABV) and members of the VBI Community of Practitioners (CoP) which consist of nine Islamic banks who have indicated their commitment to adopt VBI. It aims to measure the progression of the overall business activities and practices in delivering the intended outcomes of VBI.

GIFF2018 will feature industry leaders and experts who will share and discuss topics such as Integrating Sustainability and Responsible Financing into the Financial Sector; Roadmap to Sustainability; and Technological Disruption Impacting Sustainable Finance.

Various Islamic finance events will also be taking place in Kuala Lumpur during the week of GIFF. These include the 13th International Shariah Scholars Forum (ISSF2018), and the CIBAFI-World Bank Conference on Corporate Governance.

The Royal Award for Islamic Finance 2018 will also be conferred to a deserving individual on October 3 in Kuala Lumpur HRH Sultan Nazrin Muizzuddin Shah, the Sultan of Perak and Royal Patron for Malaysia's Islamic Finance Initiative. – TradeArabia News Service


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