KUALA LUMPUR: Maybank Islamic Bhd, today launches its three-day inaugural global thought leadership virtual conference, themed "Driving Sustainable Impact Through Islamic Finance".
It expects the forum to drive more conversations among industry players and market observers alike, on how Islamic finance can play a big role in the areas of sustainability and inclusivity.
The forum's main objective is to uncover strategies for companies and organisations to adapt to current and future challenges and empower them to take actions that can bring about positive long-term impacts to the environment and society.
In partnership with London-based IslamicMarkets Ltd, the forum will have renowned speakers in the Islamic finance and economy spheres, including Iqbal Khan, chief executive officer of Fajr Capital who will give the opening address.
Iqbal was the 2012's recipient of Malaysia's Royal Award for Islamic Finance which recognised Islamic finance visionaries who have contributed significantly to the growth of the global economy and social progress of communities around the world.
Another renowned scholar invited to the forum is Imam Omar Suleiman, an American Muslim scholar who will deliver a special address on wealth distribution and social justice.
He is the founder and president of a Muslim think-tank Yaqeen Institute for Islamic Research.
The forum will cover three thematic sessions, namely, the integration of ESG and Islamic finance, figital and technology propositions, and building global Halal economy and its ecosystem.
In support of this forum's theme, Maybank Islamic and IslamicMarkets conducted a research among 143 leading Islamic finance professionals working across sectors including banking, insurance, asset management, asset ownership, private equity, regulation and fintechs.
Several findings were obtained from the research which included, up to 88 per cent of those questioned believed that Islamic finance is set to drive a growing focus on ESG and sustainability in the wider Halal economy.
However, the Islamic finance professionals revealed their concern about the low levels of understanding of ESG is preventing its adoption across the wider Halal economy.
The research also found that around 89 per cent of professionals questioned said financial technology or fintech has already accelerated digitilisation of Islamic finance products and made them more accessible globally while redefining client experiences.
Maybank Islamic CEO Datuk Mohamed Rafique Merican said: "The Covid-19 pandemic has highlighted that incorporating ESG considerations into business models is crucial if the Halal economy and Islamic finance are to maintain their strong growth.
"Islamic finance is leading the way on ESG, and sustainability and it is clear that it will help the wider Halal economy to adapt and improve its performance."
He added that while it was widely accepted that ESG can be good for business, a lack of understanding was holding Halal businesses back from adopting it and applying it to their already successful operations.
"Through this forum, our goal is to bring diverse perspective from experts in our ecosystem, to create connection, drive collaboration and provide an impetus for us to reset and reprioritise resources to re-steer our economies and financial systems to be more sustainable and inclusive. Islamic finance has large potential in this space," said Mohamed Rafique.
Maybank Group chairman Tan Sri Zamzamzairani Mohd Isa will deliver his welcoming remarks at the forum while Mohamed Rafique will do the closing speech.
About 500 participants from around the world are expected to attend this forum.