Page 83 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT

STAKEHOLDER

ENGAGEMENT

THE SIGNIFICANCE OF STAKEHOLDER ENGAGEMENT
At Bank Muamalat, we recognise the significance of stakeholder engagement and place paramount importance on robust
and meaningful interactions with our stakeholders for several compelling reasons:

Deeper Informed Trust-
insights decision-making building

Engaging with our stakeholders By actively seeking and Building and nurturing
provides us with invaluable considering our stakeholders’ trusted relationships with our
insights into the impact of our perspectives, we are better stakeholders is of paramount
operations on them and their equipped to determine the importance to us. We understand
surroundings. This deeper most appropriate course of that trust is the foundation of
understanding enables us to action from their viewpoint. successful partnerships and
make informed decisions that This approach ensures that our transformative change.
align with our business goals. actions resonate positively with
our stakeholders, driving the
maximum positive effect.

INCLUSIVE PERSPECTIVES FOR EFFECTIVE As a result of this comprehensive engagement, six key
SUSTAINABILITY stakeholder groups emerged as our priorities:

Including diverse stakeholders allows us to consider a
broad spectrum of perspectives, leading to a deeper
understanding and a greater capacity to develop effective
sustainability strategies. This comprehensive insight becomes Shareholders & Customers Business
the foundation upon which our business strategies are Investors partners
built. In return, this fosters trust and support from our
stakeholders, which is a vital ingredient for the successful
transformation of the Bank.
Regulatory Local Employees
Agencies & community
STAKEHOLDER ENGAGEMENT PROCESS Statutory Bodies

We embarked on an extensive stakeholder engagement
We meticulously analyse feedback from these stakeholder
process that played a pivotal role in identifying and
groups to stay aligned with their most significant concerns.
validating the sustainability-related interests of each
This input is incorporated into our materiality assessment,
stakeholder group. Two key metrics guided our approach:
guiding the prioritisation of key issues that will shape our
future business strategies. Our comprehensive approach
• Level of Influence: We assessed the influence each to stakeholder engagement underscores our commitment
stakeholder group has on our business.
to building a more sustainable and prosperous future for
everyone while adhering to regulatory compliance and
• Level of Dependence: We evaluated how dependent
industry standards. As a responsible financial institution,
each stakeholder group is on our business.
we ensure that our practices not only meet but exceed
compliance requirements, reinforcing our dedication to ethical
and sustainable banking.
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