Bank Muamalat joins Global Alliance for Banking on Values

PETALING JAYA: Bank Muamalat Malaysia Bhd said it has been accepted as the newest member of Global Alliance for Banking on Values (GABV), a network of the world's leading values-based banks.
Founded in 2009, GABV comprises 28 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 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 Asean 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 planet, over and above its usual profit oriented banking activities.
As part of the initiatives to support its mission, the bank said it has explored the opportunity to join GABV to 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.
"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.