KUALA LUMPUR, 22 October 2024 – INCEIF University, a leading academic institution in Islamic finance, launched its ESG-i assessment platform today at the 19th International Shariah Scholars Forum (ISSF 2024) in Pullman Hotel. Officiated by YB Senator Dato' Setia Dr Haji Mohd Na'im bin Haji Mokhtar, Minister in the Prime Minister’s Department in charge of Religious Affairs, the ESG-i portal provides businesses with a holistic assessment tool that integrates Islamic principles and global sustainability standards.

 

It aims to bridge the gap between financial performance, environmental sustainability, and ethical governance. Developed in collaboration with Ficus Capital, the ESG-i assessment tool empowers micro, small, and medium enterprises (MSMEs) with a unique framework for evaluating their sustainability practices. It combines the Quadruple Bottom Line (QBL) concept—Planet, People, Profit, and Principle—ensuring a balanced approach to growth that is both ethical and sustainable. The launch comes at a time when global regulations and sustainability targets are increasingly placing pressure on businesses to adopt more responsible practices.

 

Highlighting the importance of Islamic finance in supporting global sustainability goals, YB Senator Dato' Setia Dr Haji Mohd Na'im bin Haji Mokhtar said, "Innovation and collaboration are key drivers of progress and success in our communities. The integration of ESG and Islamic finance is a logical step towards fostering responsible economic practices. INCEIF University’s ESG-i assessment tool will not only help businesses meet their Shariah obligations, but also position them to thrive in a sustainability-focused economy."

 

The assessment tool goes beyond typical corporate standards, ensuring that businesses not only meet environmental, social, and governance (ESG) criteria but also maintain ethical business practices that align with Shariah principles. The new portal provides a comprehensive and accessible tool for MSMEs to assess their sustainability practices, helping them position themselves as responsible and forward-thinking enterprises. It offers guidance to help businesses transition to sustainable models, focusing on areas like waste management, energy use, and Shariah-compliant governance structures.

 

Dr Marjan Muhammad, Deputy President Research of ISRA Research Management Centre at INCEIF University, highlighted, "With MSMEs contributing nearly 40 per cent to Malaysia’s GDP, it is crucial for these businesses to adopt sustainable practices. The ESG-i assessment tool  simplifies the complexities of sustainability frameworks, hence assisting MSMEs to easily navigate the evolving global landscape while remain compliant with Shariah principles."

 

The premium subscription of the ESG-i assessment platform offers enhanced features and capabilities, including access to an interactive dashboard for a more in-depth and tailored experience. MSMEs can better align with global sustainability standards by utilising detailed analytics on sustainability performance, receiving a personalised ESG-i score, and enjoying discounts on online conferences, courses, and training. The premium subscription is priced at RM500 per year.

 

In line with its mission to support MSMEs, INCEIF University is collaborating with key partners, including Yayasan Hijau Malaysia, TheNoor, Penjana Eko, and Bank Islam, to help onboard businesses and encourage the adoption of the ESG-i assessment tool among MSMEs. Abdullah Hidayat Mohamad, Managing Partner and Co-Founder of Ficus Capital, mentioned, "Our collaboration with INCEIF University has produced a portal that provides a unique framework for ESG and Shariah compliance. We believe that the ESG-i assessment tool will enable MSMEs to embrace sustainable practices and enhance their resilience in the global economy."

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The launch of the ESG-i assessment platform at ISSF 2024 represents a significant milestone for both INCEIF University and the Islamic finance industry. It signals a commitment to supporting MSMEs in navigating the complexities of sustainability and ensuring they remain competitive in a global market that increasingly values responsible business practices. With the ESG-i portal, businesses can access tailored insights to improve their operations, meet sustainability targets, and contribute meaningfully to Malaysia’s sustainability goals.