Global Islamic Finance Forum to focus on value-based intermediation this year

PETALING JAYA: The Global Islamic Finance Forum (GIFF) themed “Beyond Profit” this year aims to advance value-based intermediation (VBI) with the aim of building a more sustainable and inclusive global financial ecosystem.
GIFF 2018 organising chairman and deputy president of the Association of Islamic Banking and Financial Institutions Malaysia Rafe Haneef said the introduction of the VBI Strategic Paper by Bank Negara Malaysia (BNM) last year marked an important milestone in realising the full potential of Islamic finance and has placed Malaysia at the forefront of Islamic banking leadership globally.
“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 important to social, ethical and environmental considerations towards sustainable value creation,” he said in a statement.
Rafe, who is also CIMB Islamic Bank CEO, said that the application of VBI practices will result in better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, which are 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 added.
The VBI scorecard is a collaborative initiative by BNM, Global Alliance for Banking on Values and members of the VBI Community of Practitioners comprising 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.
Scheduled to be held on Oct 3 and 4 in Kuala Lumpur, GIFF 2018 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 during the week of GIFF, including the 13th International Shariah Scholars Forum and the CIBAFI-World Bank Conference on Corporate Governance while the Royal Award for Islamic Finance 2018 will also be conferred on Oct 3.