Alliance Bank has formed a collaboration with Monash University Malaysia and the International Centre for Education in Islamic Finance (INCEIF University). They said that this is to help small and medium enterprises (SMEs) accelerate their adoption of environmental, social and governance (ESG) best practices.
The two separate Memorandum of Understandings (MoUs) were signed during the SME ESG Symposium 2023 that was held at Monash University.
Regardless of whether the businesses are operating in a traditional or Islamic marketplace, the collaboration is to leverage research findings with industry-based insights to provide workable solutions that will help Malaysian businesses implement ESG, according to Alliance Bank on Friday.
“We believe that businesses that embed ESG practices stand to gain a competitive edge that positions them to capture more growth opportunities.
Through these collaborations, resources and experts will work together to create programs and tools that will accelerate the adoption of sustainable business practices. The CEO of the bank, Kellee Kam, emphasized this.
The goal of Monash University Malaysia is to close knowledge gaps and offer tailored solutions to address the demands of particular industries. They think that in order for enterprises to have a more competitive and sustainable future, knowledge sharing, research, and cooperation with industry players are crucial.
Professor Datuk Dr. Mohd Azmi Omar, President of INCEIF University, emphasized that encouraging ESG transitions across many economic sectors will boost competitiveness and encourage wider financial inclusion.
Meanwhile, INCEIF University is committed to building capacity for the industry to improve. Just taking action is not enough. They wanted to make an impact on meaningful financial inclusion.
The INCEIF University president and chief executive officer, Professor Datuk Dr Mohd Azmi Omar, added, “Through our academic programs and applied research, INCEIF University continues to investigate workable initiatives to incorporate Islamic finance and Islamic social finance as a solution to address socio-economic problems and execute workable projects to address challenges among the vulnerable groups in society, as financial and societal uncertainties remain a global concern.”
—BERNAMA
