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INCEIF UNIVERSITY, FICUS CAPITAL LAUNCH ESG-I FRAMEWORK TO STRENGTHEN SMEs

KUALA LUMPUR, May 30 (Bernama) — INCEIF University in partnership with Ficus Capital today launched the Islamic (ESG-i) Environmental, Social and Governance Assessment Framework to support Micro, Small and Medium Enterprises (MSMEs) in Malaysia with sustainable practices.

INCEIF University President and CEO Emeritus Prof Datuk Dr Mohd Azmi Omar said the assessment framework includes Sharia principles and the quadruple bottom line concept: planet, people, profit and principles.

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

“Within this framework, we have carefully considered Maqasid Sharia – the noble objectives of Sharia, and ensured that our efforts extend beyond Islamic financial institutions, to the benefit of MSMEs and businesses,” he said at 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, Nor Azamin Salleh, Chairman of Ficus Capital, stated that the ESG-i Assessment Framework provides a practical solution to help SMEs integrate sustainability into their operations so that they remain competitive and resilient.

“We have conducted extensive research into ESG-i best practices and standards, both locally and globally, and compared them to 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 encompasses the environmental, social, governance and Islamic principles of MSMEs, providing them with clear guidelines, benchmarks and tools to improve their performance and impact,” he added.

— BERNAMA


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