Driving #financeforchange in Malaysia what the regulators say
The Edge 1 day ago Adeline Paul Raj © Provided by The Edge
GIVEN its importance to the economy and influence over corporates and individuals, the financial sector plays a crucial role in driving changes for a sustainable future.
In Malaysia, the sector has made some encouraging progress in terms of stepping up to the challenge. Financial institutions, especially the bigger ones, have begun to formulate their long-term strategies towards sustainability. And, increasingly, more of them are encouraging customers to adopt sustainable practices through their lending, underwriting, advisory and so on.
But clearly, more needs to be done and the regulators are making sure of this. Late last month, the Joint Committee on Climate Change (JC3), an initiative co-chaired by Bank Negara Malaysia and the Securities Commission Malaysia (SC), hosted its flagship conference on climate change. Themed “Finance
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Driving #financeforchange in Malaysia — what the regulators say
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Published on: Tuesday, July 20, 2021
By: Bernama
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Kuala Lumpur: The decision to place Lembaga Tabung Haji (TH) under the regulation of Bank Negara Malaysia (BNM) is to improve the pilgrimage fund board’s overall management and operations due to its importance to the country’s financial system stability.
Minister of Finance Tengku Datuk Seri Zafrul Tengku Abdul Aziz
(pic) said the move was also taken to safeguard the interest of depositors and strengthen TH’s financial position in fulfilling its mandate in line with good the governance standards set by the United Nations Convention Against Corruption (UNCAC).
“In line with the establishment of the Royal Commission of Inquiry (RCI) relating to TH, the government continues to strongly support the ruling under Article 3(1) of the Federal Constitution on Islam as the federal religion and TH will remain the leading agency, especially in the management of hajj pilgrims to fulfil the fifth pillar of Islam.