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23 Dec | Thursday
BIMB reinforces its ESG commitments as a founding partner of ESG Book
Bank Islam Malaysia Berhad ("BIMB" or "the Bank") became one of the founders and the first Malaysian Islamic bank in a global alliance shaping the future of environmental, social and governance ("ESG") data through the launch of ESG Book.
 
Supporting the 10 Principles of the UN Global Compact, the free platform developed by Arabesque is a new central source for accessible and digital corporate sustainability information that provides framework-neutral ESG information in real-time while promoting transparency. Arabesque is a global asset management and data firm equipped with cutting-edge AI and sustainability research. The ESG Book alliance leverages Arabesque's advanced AI-based quantitative investing capability, sustainability, and ESG-screening tools.
 
Members of the global alliance also include the International Finance Corporation, UNCTAD, Global Reporting Initiative, Bridgewater Associates, Swiss Re, HSBC, Deutsche Bank, HKEX, Allianz, Glass Lewis, Cardano Development, QUICK, Goldbeck, Werte Stiftung, Climate Leadership Coalition, Climate Governance Initiative, Climate Policy Initiative, Climate Bonds Initiative, Responsible Jewellery Council and GeSI.
 
BIMB Group Chief Executive Officer Mohd Muazzam Mohamed said, "Lack of disclosure, limited accessibility, and inconsistency of ESG data has limited the acceleration of capital allocation towards low-carbon and sustainable business activities. Prompt action is needed to address this pressing matter. BIMB believes that an integrated effort and approach, such as the ESG Book platform, has the potential to lead to a substantial positive change not only in the domestic economy but also globally.
 
He adds, "As an Islamic bank, we uphold the objectives (maqasid) of Shariah, sustaining the principles of preserving the environment, promoting positive social impact and adhering to good governance. It has been part of the DNA of Bank Islam since our inception in 1983. As we chart our future, we aspire to become the champion in providing Shariah-ESG total financial solution and that aspiration forms part of our business plan. We are honoured to be part of this effort as it will enable stakeholders to make an informed decision that will benefit the greater good."
 
Georg Kell, Chairman of Arabesque, said, “It is clear that there is an increasing need for accessible, comparable, and transparent ESG data to accelerate the global transition to a more sustainable, net-zero future. ESG Book is a new digital solution that connects companies, investors, and all stakeholders for a coordinated, centralised approach to
corporate sustainability, and we are delighted to welcome Bank Islam as a founding partner.”
 
Launched on 1 December 2021, ESG Book is available to all businesses, investors, standard-setters and other stakeholders. It follows five principles based on a mission to create ESG data as a public good:
i. Users are custodians of their data;
ii. Transparency on data usage and interactions brings more meaningful reporting;
iii. Accessibility and impartiality;
iv. Framework-neutral; and
v. Easing the reporting burden.
 
The new digital solution will streamline and align information into one platform and encourage parties to adopt and integrate ESG comprehensively. It will enable them to respond quickly to a fast-moving market and regulatory environment.
 
Mohd Muazzam further adds, "BIMB is excited to be part of a global initiative in promoting sustainability disclosure and transparency, while also encouraging more sustainable corporate behaviour in line with the adoption of Value-based Intermediation ("VBI"). ESG Book reinforces the Bank' ESG commitment to ensure a sustainable future for all."
 
For more information on ESG Book, please visit www.esgbook.com.
Source: Bank Islam
source: Bank Islam
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