GIFF 2018 to focus on advancing VBI

KUALA LUMPUR: The Global Islamic Finance Forum (GIFF) 2018 to be held here from Oct 3–4, will focus on advancing valuebased intermediation ( VBI) with the aim of building a more sustainable and inclusive global financial ecosystem.

In a statement yesterday, organising chairman and deputy president of the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) Rafe Haneef said the application of VBI practices would 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.

“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,” he said.

The VBI Scorecard is a collaborative initiative by Bank Negara Malaysia, the Global Alliance for Banking on Values and members of the VBI Community of Practitioners, which comprises nine Islamic banks who have indicated their commitment to adopting the VBI.

The aim of the scorecard is to measure the progression of overall business activities and practices in delivering the intended outcomes of VBI. — Bernama