Page 95 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
SUSTAINABILITY STATEMENT

1. STRENGTHENING RESILIENCE AND INCLUSIVE GROWTH M2 Economic Performance

Why is this Important? What Did We Do?
Bank Muamalat currently operates in a dynamic and Throughout 2023, Bank Muamalat implemented several
challenging economic environment characterised by volatile strategies to navigate the challenging economic environment
conditions and margin compression due to higher profit rates. and stimulate local economies:
The expansion of the digital landscape has also led to a growing
threat of financial crimes, necessitating robust cybersecurity Financial Assistance for Small Businesses: Provided
measures. Additionally, heightened competition from digital crucial financial support to small businesses within the
banks demands continuous innovation and enhancement of community, aiding economic stimulation.
our digital platforms. Inclusive Product and Service Offerings: Offered
tailored products and services to diverse income groups,
For local communities, access to and knowledge of
including B40, asnaf, gig workers, affluent individuals,
financial assistance can significantly boost economic activity,
and professional workers, reinforcing our commitment to
particularly for small businesses. By catering to all income
financial inclusion.
levels, including B40, asnaf, gig economy workers, affluent
individuals, and professional workers, Bank Muamalat ensures Support for Sustainable Energy Solutions: Collaborated
comprehensive financial inclusion. Corporate and commercial with Malakoff Corp Berhad to support the growth and
customers are also encouraged to integrate Environmental, development of sustainable energy solutions in Malaysia
Social, and Governance (ESG) perspectives into their through financing programmes.
business models, promoting sustainable business practices.
What Did We Achieve?
What is Our Approach?
Despite facing a challenging environment with higher inflation
Bank Muamalat’s approach is centered around its 5-year and interest/profit rates, Bank Muamalat remained resilient
Business Plan, RISE26+, which aims to position the Bank as and successfully harnessed opportunities to serve its
the strongest Islamic bank with consistent positive customers and grow its business. Our achievements in
performance. Key strategies include: FY2023 include:
Strategic Growth and Futureproofing: In response to Economic Economic Economic
volatile economic conditions and margin compression, Value Value Value
we have reengineered our deposit structure to focus on Generated: Distributed: Retained:
low-cost funding sources, thereby containing funding RM1,784.65 RM1,455.18 RM329.47
costs. million million million
Cybersecurity Enhancement: To combat the growing
These results reflect Bank Muamalat’s unwavering
threat of financial crimes, we have ensured that our
commitment to sustainable economic growth and value
cybersecurity measures are on par with industry standards.
creation for all stakeholders. By promoting financial inclusion,
Digital Platform Upgrades: In light of heightened supporting local economies, and advancing sustainable
ECONOMY upgraded and enhanced our IT infrastructure and digital ‘Better Lives, Together’.
competition from digital banks, we have continually
practices, we continue to uphold our mission of creating
platforms.
Strategic Partnerships: Partnership with selected
companies to support growth and development of
sustainable energy in Malaysia.

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