We reaffirm our pledge to uphold these values. We are confident that our growth will align with the broader progress and sustainability of the societies we serve, and we look forward to continuing our journey of innovation and service excellence for many years to come. REFLECTING ON 2023 During the financial year, the global economy exhibited resilience, growing by 3.0% despite facing significant headwinds. This growth was primarily fuelled by the robust performance of the US economy and a notable recovery in the services sector, particularly tourism, which benefited from accumulated pandemic savings and increased spending. Despite a global trend toward tight monetary policies to address inflation, resilient labour markets supported sustained consumer spending. Malaysia’s economic landscape reflected these global trends but was also marked by its unique challenges and opportunities. Tied closely to global trade, Malaysia sought to leverage the recovery in international trade and tourism. However, the Ringgit experienced notable depreciation against the US dollar, reflecting broader economic pressures. Dear Stakeholders, In 2023, Bank Islam proudly celebrated its 40th anniversary of dedicated service. Since our inception, we have remained steadfast in our mission to build a financial ecosystem that is accessible and beneficial for all. Our commitment has seen us navigate through decades of transformative changes across Malaysia, and we find ourselves at a critical juncture where technological innovation intersects with pressing global challenges. As a forward-thinking organisation, we recognise that adapting to change is imperative to meet the evolving needs and expectations of our customers and stakeholders. Digital innovation is at the forefront of our evolution, and we are committed to leveraging it to provide solutions that respond to the immediate demands of our times. Our foundational principles remain unwavering, and we continue to contribute to the prosperity and wellbeing of the communities we serve. TAN SRI DR ISMAIL HAJI BAKAR Chairman ‘’In the name of Allah, the Most Compassionate, the Most Merciful All praise is due to Allah, the Lord of the Worlds, and peace and blessings be upon the Prophet Muhammad, whom Allah send as mercy to the universe, which Allah make him a guiding and a rightly guided man, and an illuminating lamp. And peace and blessing on his family and companions, and those who followed them benevolently until the Day of Judgment and then after. May Allah’s peace, mercy and blessings be upon you.’’ Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2023 16 Chairman’s Letter
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