Bank Muamalat first Islamic lender in the world to join GABV
PETALING JAYA: Bank Muamalat Malaysia Bhd said its Global Alliance for Banking on Values (GABV) membership is to widen its exposure in sustainable banking practices and to learn from other members, which have established their footprints in value based banking activities in their respective countries.
GABV, founded in 2009, is a network of 28 leading values-based financial institutions operating across countries in Asia, Africa, Australia, Latin America, North America and Europe; serving 20 million customers; holding up to US$ 100 billion (RM395.3 billion) of combined assets under management; with a network of 30,000 co-workers.
Bank Muamalat said in a statement, it was officially accepted on Nov 15 last year, which made it the first Islamic bank in the world and Southeast Asian region to join the network of banking leaders.
Being an Islamic bank, Bank Muamalat said it believes it carries greater responsibilities to influence a social change and creating values to the people and the world, over and above its usual profit oriented banking activities.
“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 added.
Bank Muamalat is a member of the DRB-HICOM Bhd Group where the public listed company owns 70% of the bank’s shares with the remaining stake held by Khazanah Nasional Bhd.