From the Desk of the Chairman TAN SRI DR ISMAIL HAJI BAKAR Chairman In 2022, we launched an Organisational Anti-Corruption Plan, which serves as our guiding principle for reinforcing good governance practices across the organisation. Dear Stakeholders, Since becoming Malaysia's first listed fully-fledged Islamic bank in 2021, we have made significant progress and maintained our growth momentum. We recorded solid financial returns while prioritising positive social impacts through financing decisions. Our performance demonstrates how businesses, particularly banks, can serve as a force for good. As the leading Islamic bank in the country, we have always balanced our profits with purpose. We strive to provide inclusive and accessible financial services to all segments of society, regardless of belief, to contribute to shared and sustainable prosperity. Our exceptional growth performance has surpassed major players within the industry, inspiring us to continue our mission. With this in mind, it is with pleasure that I share my assessment of the financial year 2022. REVIEW OF THE YEAR In 2022, the global economy started strong, with GDP growth rebounding to 3.4% after a V-shaped rebound of 6.3% in 2021. However, the RussiaUkraine conflict caused humanitarian issues and profoundly affected the global economy, including spiking prices for gold, crude oil, and natural gas, shuddering stock markets, and emphasising the need for clean energy. Inflation also surged in 2022, with levels not seen since 1996, causing poorer populations worldwide to be squeezed by rising costs for essential goods. Central banks worldwide raised their policy rates to combat inflation, but the pace of rate raises has yet to match inflation levels. Despite these challenges, Malaysia's GDP growth came in at 8.7% highest in ASEAN for 2022, thanks to the government's decision to reopen international borders in April 2022. Private consumption has surged, and the labour market is well on a recovery trajectory with more jobs and business opportunities. Integrated Report 2022 16
RkJQdWJsaXNoZXIy NDgzMzc=