Islamic finance aligns naturally with ESG, says Maybank’s first-ever chief sustainability officer
Islamic finance, valued at approximately $2.8 trillion globally, is beginning to align more closely with sustainable finance initiatives. Maybank's chief sustainability officer, Datuk Shahril Azuar Jimin, emphasizes the compatibility of Islamic finance principles with ESG values. The bank is actively working on projects like the world's first 'blue sukuk' to support marine conservation and sustainable fisheries in Malaysia.
- ▪Islamic finance currently represents a small portion of sustainable loans, with only 8.2% being sharia-compliant.
- ▪Maybank offers a range of Islamic banking products across multiple markets, including Malaysia, Indonesia, and the Middle East.
- ▪The Islamic finance market is projected to exceed $3 trillion, presenting opportunities for financing green initiatives.
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Islamic finance covers roughly $2.8 trillion in assets worldwide, yet only a sliver of sustainable loans today are sharia-compliant. But Datuk Shahril Azuar Jimin, Maybank’s chief sustainability officer, thinks that gap should be easy to fill. Recommended Video “Islamic finance and sustainable finance are both values-based systems,” Shahril tells Fortune. “Islamic finance emphasizes social justice, welfare, and the avoidance of harm, and these three principles align naturally with ESG and sustainability.” Banks across the Middle East and Southeast Asia are embracing Islamic finance in order to better serve Muslim populations.
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