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Sustainable Finance: A study On Malaysia’s Regulatory Framework On Sustainable Banking And Its Implementation By Selected Islamic Banks In Malaysia In Support Of Sustainable Development Goals

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cris.lastimport.scopus2025-11-14T15:42:52Z
cris.lastimport.wos2025-11-14T15:58:06Z
dc.contributor.authorZuraida Rastam Shahromen_US
dc.contributor.authorSherin Kunhibavaen_US
dc.date.accessioned2024-05-29T08:21:28Z
dc.date.available2024-05-29T08:21:28Z
dc.date.issued2023
dc.descriptionJournal of Muamalat and Islamic Finance Research (JMIFR) Volume 20 No.2 Page (152-178)en_US
dc.description.abstractIn 2018, Bank Negara Malaysia (BNM), the central bank of Malaysia issued the Strategy Paper on Value-based Intermediation (VBI). VBI aims to deliver the intended outcomes of Shariah through practices, conduct and offerings by Islamic financial institutions (IFI)s that generate positive and sustainable impact to the economy, community, and environment. To assist IFIs to translate VBI into real banking practices and offerings BNM also issued guidance documents, one of which is the guidance document on Value-based Intermediation Financing and Investment Impact Assessment Framework (VBIAF). BNM has also issued the Climate Change and Principle-based Taxonomy (CCPT) which specifically addresses climate change. This article examines the VBI, VBIAF and the CCPT and investigates the adoption of the VBI, VBIAF and CCPT by three Islamic banks (IB)s in Malaysia. It aims to provide an understanding of the regulatory frameworks and how the adoption of the frameworks has influenced the offerings, practices, and operations of these banks towards the triple bottom line approach in support of sustainable development goals. From the study it is found that the IBs have initiated the implementation of an impact-based risk assessment and management consistent with the VBIAF and assessment of climate risk based on the CCPT, however these are still at the preliminary stages for the IBs. Nonetheless, what is encouraging is that all the three IBs have implemented various VBI-related initiatives in line with the underpinning thrusts of VBI. This paper illustrates how these various VBI-related initiatives by the IBs have assisted the banks in supporting sustainable development.en_US
dc.identifier.citationRastam Shahrom, Z., & Sherin Kunhibava. (2023). Sustainable Finance: A study On Malaysia’s Regulatory Framework On Sustainable Banking And Its Implementation By Selected Islamic Banks In Malaysia In Support Of Sustainable Development Goals. The Journal of Muamalat and Islamic Finance Research, 20(2), 152-178. https://doi.org/10.33102/jmifr.520en_US
dc.identifier.doi10.33102/jmifr.520
dc.identifier.epage178
dc.identifier.issn0126-5954
dc.identifier.issue2
dc.identifier.spage152
dc.identifier.urihttps://jmifr.usim.edu.my/index.php/jmifr/article/view/520/368
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/14610
dc.identifier.volume20
dc.language.isoen_USen_US
dc.publisherUsim Pressen_US
dc.relation.ispartofJournal of Muamalat and Islamic Finance Research (JMIFR)en_US
dc.subjectSustainable finance, value-based intermediation, climate change, sustainable developmenten_US
dc.titleSustainable Finance: A study On Malaysia’s Regulatory Framework On Sustainable Banking And Its Implementation By Selected Islamic Banks In Malaysia In Support Of Sustainable Development Goalsen_US
dc.typeArticleen_US
dspace.entity.typePublication

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