Bank Muamalat joins GABV network
KUALA LUMPUR: Bank Muamalat Malaysia Bhd has been admitted into the Global Alliance for Banking on Values (GABV), making it the first Islamic bank in the world to join the network.
The GABV, founded in 2009, comprises a growing number of banks, banking cooperatives and credit unions, as well as microfinance institutions and community development banks operating across countries in Asia, Africa, Australia, Latin America, North America and Europe.
“Being a part of this global alliance is a very important for us – looking at world standards of global and social responsibility in our society,” its chief executive officer Datuk Mohd Redza Shah Abdul Wahid said at a press conference yesterday.
He added that the recognition would bring international best practices into the bank and Islamic banking community as well.
“Being an Islamic bank, Bank Muamalat believes it carries greater responsibilities to influence social change and creating values to the people and the planet, over and above its usual profit oriented banking activities,” it said in a press release.
As part of its initiative to support its mission, Bank Muamalat said that joining GABV would help it widen its exposure in sustainable banking practices and to learn from other members of GABV which have established their footprints in value based banking activities in their respective countries.
Bank Muamalat said said it was officially accepted as a member of GABV on Nov 15, 2017.
“By being part of GABV, Bank Muamalat will also be able to share the international best practices with VBI’s ((value-based intermediation) community of practitioners in our efforts to position Malaysian Islamic banking to become more prominent and as a leading agent to generate positive and sustainable impact to the economy, community and environment,” it said.