MalaysianUpdates

Tag: #BANKISLAM

  • BANK ISLAM BECOME THE FIRST FULL-FLEDGED ISLAMIC FINANCIAL INSTITUTION TO OBTAIN ISO 37001 ANTI-BRIBERY MANAGEMENT SYSTEM CERTIFICATION.

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    The ISO 37001 Anti-Bribery Management System (ABMS) certification from ABAC Center of Excellence Sdn Bhd (ABAC) has been obtained by Bank Islam Malaysia Berhad (Bank Islam or the Bank), making it the first fully-fledged Islamic financial institution in Malaysia to receive this prestigious accreditation.

    Bank Islam’s Chairman, Tan Sri Dr. Ismail Bakar, received the accreditation at the certification ceremony held at Menara Bank Islam earlier today from the Group CEO of ABAC, Zafar Anjum. Also in attendance was Bank Islam Group Chief Executive Officer Dato’ Mohd Muazzam Mohamed.

    Bank Islam Group Chief Executive Officer, Dato’ Mohd Muazzam Mohamed, said the ISO 37001 certification acknowledged the bank’s anti-corruption practices and declared its commitment to zero-tolerance against bribery and corruption. This certification sets new standards in the industry and distinguishes Bank Islam as an ethical and responsible organization.

    “The ISO 37001 certification assures the management, staff, customers, and other stakeholders that the bank has taken appropriate measures to prevent graft. It also improves organizational efficiency and effectiveness in managing risks associated with bribery.

    “With this certification in place, we firmly believe customers, business partners, and other valued stakeholders will further place their trust in Bank Islam to manage their interests,” he said.

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    ISO 37001 is an international standard that specifies requirements and provides guidance for establishing, implementing, maintaining, reviewing, and improving an anti-bribery management system.

    According to Mohd Muazzam, Bank Islam constantly strives to enhance integrity by educating and increasing awareness among its employees.

    “We undertook several critical measures and policies to obtain the ISO 37001 ABMS certification, including implementing the ABMS Guideline, which serves as an internal document verifying that documented procedures met the ISO 37001 ABMS Standard requirements. This accreditation also complements the bank’s effort in ensuring the strictest code of conduct, good governance, and integrity,” he explains.

    In July 2022, Bank Islam launched its inaugural organizational anti-corruption plan (OACP) for 2022–2025. The Bank also introduced the Group Anti-Bribery and Corruption Policy in 2021, outlining the roles and responsibilities of employees in upholding fundamental values of integrity, transparency, and accountability consistently across its operations.

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  • THE GLOBAL SHARIAH-ESG EQUITY FUND OF BIMB INVESTMENT IS PROMISING AN INCOME DISTRIBUTION YIELD OF 6.02%.

    BIMB Investment Management Berhad (BIMB Investment), a wholly owned subsidiary of Bank Islam Malaysia Berhad (Bank Islam), has declared the following income distribution for its fiscal year ending March 31, 2024, for BIMB-ARABESQUE i Global Dividend Fund 1 (BiGDF1), or the Fund:

    Fund Name  Asset Class  Yield (%)  Sen/cent per unit
    BIMB-ARABESQUE i Global Dividend Fund 1 RM  6.02%  2.90
    USD  6.12%  2.90
    RM Hedged  6.19%  2.80
    SGD  6.10%  2.60

    BIMB Investment’s Chief Executive Officer, Azdini Nor Azman, said, ‘‘We would like to thank our unitholders for their unwavering support and trust in our BiGDF1. Their confidence has translated into a strong performance, resulting in income distributions of 2.90 sen/cent per unit for the RM Class and USD Class, 2.80 sen/cent per unit for the RM Hedged Class, and 2.60 sen/cent per unit for the SGD Class. The income distribution yield of the fund is 6.02% for the RM  class, 6.12% for the USD class, 6.19% for the RM hedged class, and 6.10% for the SGD  class.

    She adds, “With BiGDF1, the landscape of fund management is evolving through a financial technology solution that constructs investment portfolios focusing on capital growth while effectively managing market volatility, conducting data analysis, and making intuition-free decisions.”BiGDF1 seamlessly incorporates Shariah values and environmental, social, and governance (ESG) principles, harnessing the power of artificial intelligence (AI) technology to provide consistent, sustainable performance. Our dedication remains firmly rooted in delivering value and sustainable performance, with risk management at the forefront of our commitment too investors.

    BiGDF1, first introduced in November 2015 and relaunched in 2019 for retail investors, is one of the largest Shariah global equity funds in Malaysia, with more than RM200 million in fund size as of August 31, 2023, according to the Refinitiv Lipper IM rank. The fund was awarded Best ESG Equity Fund 2020 by the Asset Islamic Finance Awards 2020. The Fund seeks long-term capital appreciation and provides investors access to investments in Shariah-compliant global equities.

    It suits investors seeking exposure to Shariah-compliant global developed market equity with moderate to high risk tolerance and a 5-year or more investment horizon. The Fund invests a minimum of 90% of the Fund’s net asset value (NAV) into the Target Fund and a maximum of 10% of the Fund’s NAV into Islamic fixed deposits, Islamic money market instruments, and/or Islamic liquid markets. The Fund rebalances its portfolio daily between equity and cash for sustainable risk-adjusted investment returns and to reduce risks and drawdowns during failing markets. The minimum initial investment amount is RM500 for the RM Class and the RM Hedged Class, SGD500 for the SGD Class, and USD500 for the USD Class.

    Bank Islam’s Group Chief Executive Officer, Mohd Muazzam Mohamed, said, “The Bank Islam Group remains committed to incorporating Shariah principles within the group and considering ESG factors. This commitment aims to enhance resilience and foster financial inclusion for everyone. We believe ESG-focused investments are poised to become the prevailing trend, and companies that prioritize ESG considerations will excel and demonstrate greater long-term resilience.”

  • FOR THE CONVENIENCE OF NATIONAL ZOO VISITORS, SURAU ABU HURAIRAH OFFICIALLY OPENS

    Bank Islam Malaysia Berhad (the Bank) has formally unveiled the freshly reconstructed Surau Abu Hurairah at Malaysia’s National Zoo (Zoo Negara) today.

    This surau construction project was completed with the collaboration of the Ministry of Defense (MINDEF), the Malaysian Armed Forces (ATM), and the Malaysian Zoological Society. The project’s goal was to provide a fully equipped, comfortable, and easily accessible place of worship for the visitors and staff of Zoo Negara. Construction work began on January 16 and was completed on March 16, 2023. The newly rebuilt Surau opened on June 29, coinciding with the Hari Raya Aidiladha holiday.

    The surau was named after a companion of Prophet Muhammad SAW, Abu Hurairah, known for his kindness towards animals. Abu Hurairah was chosen to inspire the community and zoo visitors to emulate his admirable qualities.

    The project’s total cost was RM180,000, of which RM151,377.70 was allocated for rebuilding the premises, while the remaining funds were used to enhance its facilities. The rebuilding of the surau was financed by the bank’s corporate social responsibility funds and donations to Bank Islam’s crowdfunding initiative, Sadaqa House. The initiative showcases the positive impact of Islamic financial instruments, such as charity, waqf, and zakat, on empowering communities and safeguarding the environment.

    Bank Islam Group Chief Executive Officer Mohd Muazzam Mohamed said the bank is honored to join forces with MINDEF, ATM, and the Malaysian Zoological Society in improving and furnishing the facility at the Zoo Negara for the convenience of its visitors and staff.

    “This is important to Bank Islam as Zoo Negara is a major tourist destination and an important wildlife education center in Malaysia. With nearly 600,000 visitors last year, providing comfortable facilities for visitors is very important. Alhamdulillah, Surau Abu Hurairah is now fully equipped with user-friendly features, including facilities for the elderly and disabled,” he said.

    Deputy Secretary General (Management) of MINDEF, Dr. Mohd Bakhari Ismail, said the construction of Surau Abu Hurairah was carried out by 24 members of the 91st Support Regiment Royal Engineers Regiment, led by Lt. Kol Norhejeri Samsudin, Mejar Haziq Abdul Jalal, and Lt. Al Ismail Ahmad.

    “The #JiwaMurni initiative is a secondary responsibility of the ATM in helping the community, especially in the areas of welfare, well-being, and education. We are delighted with this collaboration with Bank Islam and the Malaysian Zoological Society, as it expresses MINDEF and ATM’s empathy and brings us closer to the community,” he said.

    Meanwhile, Malaysian Zoological Society President Dato’ Sr. Zaharin Md Arif expresses his confidence that the newly rebuilt surau will provide comfort and convenience to its visitors.

    “The surau will indirectly attract more visitors to Zoo Negara, allowing them to experience and learn more about the uniqueness of the various wildlife here. We appreciate the assistance and efforts of Bank Islam, MINDEF, and ATM in this meaningful project,” he said.