30/05/2024 02:31 PM

KUALA LUMPUR, May 30 (Bernama) -- INCEIF University, in collaboration with Ficus Capital, launched the environmental, social, and governance Islamic (ESG-i) assessment framework today to empower micro, small and medium enterprises (MSMEs) in Malaysia with sustainable practices.

President and chief executive officer of INCEIF University, Prof Emeritus Datuk Dr Mohd Azmi Omar said the assessment framework incorporates shariah principles and the quadruple bottom line concept—planet, people, profit and principle.

"It is a holistic approach that marries global ESG standards with the timeless principles of Islamic finance.

"Within this framework, we meticulously considered the Maqasid Shariah—the noble objectives of shariah, ensuring that our efforts extend beyond Islamic financial institutions to benefit MSMEs and companies," he said during today's launch event.

Deputy Minister of Religious Affairs Senator Dr Zulkifli Hasan officiated the event at Sasana Kijang, Bank Negara Malaysia.

According to Mohd Azmi, INCEIF University has also secured a prototype research grant scheme from the Ministry of Higher Education to develop a portal for the ESG-i Framework, aiming to connect the entire MSME sustainability ecosystem.

Meanwhile, Ficus Capital chairman Nor Azamin Salleh stated that the ESG-i Assessment Framework offers a practical solution to help MSMEs integrate sustainability into their operations, ensuring they remain competitive and resilient.

"We conducted extensive research on the best practices and standards of ESG-i, both locally and globally, and benchmarked them against the Islamic principles of Maqasid al-Shariah, which aim to protect the well-being of people and the planet.

"The result is a comprehensive and holistic framework that covers the environmental, social, governance, and Islamic principles aspects of MSMEs, providing them with clear guidance, benchmarks, and tools to enhance their performance and impact," he added.




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