Page 85 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT

Why we engage How we engage Stakeholders’ expectations Our responses Related material matters Related UN SDGs
• Establish transparent and • Annual reports • Sustainable and long-term business strategies • Implement sustainable business strategies
M1 Ethics & Integrity
timely communication with • Sustainability statements alongside prudent cost management to ensure • Prudent cost management for sustainable
stakeholders, fostering trust and • Financial announcements sustainable financial returns financial returns M2 Economic Performance
confidence in our organisation • Online communications: • Proactive management of asset quality and credit • Proactive management of asset quality and
and facilitating informed emails, corporate website, risks, particularly in high carbon emitting sectors credit risks from exposure to sectors affected M5 Digital Banking
investment decisions and social media • Uphold financial stability by the pandemic Energy consumption and
• Actively seek input from • Meetings and discussions • Integration of VBI elements into business • Sound balance sheet management M6 environmental impact
stakeholders on their investment operations to promote ethical and sustainable • Integrate VBI elements in business operations
M13 Responsible financing
preferences and expectations, practices • Uphold ethical and responsible business
ensuring our strategies align • Ethical and responsible business conduct as a conduct
closely with their needs and core principle • Strong and experienced management
maintaining sustainable access • Strong and experienced management leadership • Transparent reporting and disclosure
to capital • Commitment to transparent disclosure • Implement sustainability initiatives across the
• Adoption of sustainable practices Bank

• Engage stakeholders to • Branch representatives • Innovative financial solutions, products, and • Develop innovative financial solutions, M1 Ethics & Integrity
understand their needs and • Digital touchpoints: services products, and services to meet customers’
expectations thoroughly, Internet banking and digital • Convenient, continuous, and safe access to financial needs M2 Economic Performance
identifying areas for applications banking services • Enhance touchpoints, both physical and
improvement in our service • Online communications: • Convenient and transparent value-for-banking digital, to maximise customer satisfaction. M3 Entrepreneur Development
delivery Emails, corporate website, products and services • Improve processes to deliver operational
• Champion financial literacy and social media • Secured and safe environment with strict data excellence and efficiency M5 Digital Banking
initiatives aimed at empowering • Customer service centers protection for conducting banking activities, • Drive service excellence through skilled and M8 Customer Experience
stakeholders to make well- • Call centers particularly through digital channels trained customer service personnel
informed financial decisions • Customer networking • Excellent customer service • Enhance end-to-end cyber response and M12 Financial inclusion
events • Financial assistance that can ease their financial simulation plans to ensure cyber resilience
• Printed materials burden and continuously improve IT security M13 Responsible financing
• Customer survey • Provide continuous awareness through online
communication and digital touchpoints
to educate customers and employees on
potential fraud and scams
• Implement strict standard operating
procedures to ensure customers’ safety at
branches
• To ensure mutual understanding • Online communications: • Fair and equal evaluation of vendors and their • Support local vendors
M1 Ethics & Integrity
and alignment of goals, Emails, corporate website, proposals • Provide convenient access to procurement
objectives, and expectations and social media • Fair conditions for both vendors and the Bank systems M2 Economic Performance
for better collaboration, more • Formal and informal • Effective and timely communication on new • Conduct engagement sessions to ensure
efficient operations, and engagements policies, guidelines, or strategies to ensure vendors’ understanding of the procedures, M4 Procurement practices
improved customer service • e-Procurement system optimal performance processes, guidelines, and expectations of
• Transparent reporting and disclosure to ensure deliverables and their quality M5 Digital Banking
smooth collaboration with potential partners • Ensure fair procurement practices and M8 Customer Experience
transparent vendor selection
• Establish a dedicated tender committee to
ensure the objectives of the engagements are
achieved

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