COMMUNITY EMPOWERMENT AND SOCIAL FINANCE Supporting community empowerment and enhancing Social Finance are integral aspects of our overarching objectives at Bank Islam. We acknowledge the significant role these factors play in fostering sustainable, equitable, and prosperous communities. Our efforts are directed towards providing accessible and innovative financial solutions, rooted in the principles of Islamic banking. These principles focus on promoting social welfare, adhering to ethical investment practices, and ensuring a fair distribution of wealth. The Overall Approach We extend our efforts beyond mere financial contributions, employing a comprehensive approach to drive sustained social and economic development. Grounded in the principles of VBI, we empower underserved communities through initiatives that foster microentrepreneurship and strategically invest in critical sectors such as education, livelihoods, and healthcare, among others. Aligned with these principles, we are committed to driving social impact through the following pillars: This holistic approach underscores our dedication to creating meaningful and lasting impacts within our local communities. Value Beyond Profit Long-Term Growth Recognising our societal responsibility, we prioritise well-being and ethical practices alongside financial success, creating sustainable value that extends beyond profit margins. Our commitment goes beyond short-term gains. We invest in sustainable community development initiatives, building a resilient foundation for future generations. Social Finance Shared Prosperity Championing equitable wealth distribution, we actively work towards narrowing income inequality and ensuring economic development benefits everyone. We unlock opportunities for the underbanked by designing innovative solutions that expand access to essential financial services, fostering financial empowerment and stability. Attainment of Benefit and Prevention of Harm: We assess financial activities for their positive and negative impacts, emphasising sustainability and the triple bottom line (people, planet, profit). 1 Constructive and Inclusive Collaboration with Stakeholders: We involve various stakeholders (customers, investors, civil societies, NGOs, and policymakers) to inform transparent decisions, garnering support for VBI commitments. 2 Fairness and Transparency: We uphold clear policies and regular disclosures to stakeholders, ensuring accountability and informed participation in VBI initiatives. 3 VBI PRINCIPLES 144 Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 Social Impact
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