Kuala Lumpur: The industry players in the ecosystem, including the emerging players are ready to collaborate in fully unlocking the fundamental values of Islamic finance, a common takeaway of all the panellists at the wrap up session of the 2-day Global Islamic Finance Forum (GIFF) 2022.

Adnan Zaylani Mohamad Zahid, Assistant Governor, Bank Negara Malaysia observed overwhelming response to GIFF 2022, which demonstrates a renewed energy among industry players to strive for a stronger sense of purpose and interests to meet social and economic needs.

In advancing Islamic social finance, Mohd Muazzam Mohamed, President, AIBIM and Group CEO, Bank Islam Malaysia impressed on the importance to mobilise social capital such as zakat fund, waqf and donation to innovate new products to support the underserved so “banks could give micro financing for people to get up and be able to earn again.”

Dato’ Mohamed Rafique Merican, Group CEO, Islamic Banking, Maybank noted that Islamic finance players in Malaysia have achieved a certain level of maturity and commendable progress in Value-based Intermediation (VBI) initiatives.

“Digitalisation efforts undertaken by us has catalysed growth to where we are now today. However, moving forward, we need to ask if we are able to benefit the wider community (with our initiatives),” he said.

Meanwhile, Arsalaan Ahmed, Chairman of GIFF2022 Organising Committee and CEO, Al Rajhi Bank Malaysia said the Islamic finance sector has achieved much in a short time.

“But now arises the question, if we can be a global leader from a moral perspective, and that is the genuine power of Islamic finance because it is rooted in Shariah and form the basis of how we conduct our business,” he said.

Adnan also said the formation of MIFC Leadership Council (MLC) is meant to drive industry advancement. “It is envisioned for the industry to work and leverage on MLC to further advance Islamic finance going forward including at a global level, recognising the pertinent role of the industry to make further progress”.

Muazzam added, “Pursuing innovation requires courage, commitment (from all) in terms of exploring new structures, but at the end of the day, (we need to) work to solve societal problems. That's the heart of what we do. The value of what people will see, will be in terms of how we solve the problems”.