press release
Initiative to enhance industry awareness on climate related financial risk - IBFIM
5 Mar 2021 | Friday source: IBFIM
The Islamic Banking and Finance Institute Malaysia (IBFIM), an Observer Member of the Joint Committee on Climate Change (JC3) SubCommittee 4 is hosting the Level 1 training module materials developed by Ernst & Young in partnership with the JC3 and funded by the United Kingdom government under the Prosperity Fund ASEAN Low Carbon Energy Programme. The JC3, which was led by Bank Negara Malaysia and Securities Commission Malaysia, is intended to pursue collaborative actions for building climate resilience within the Malaysia financial sector.
The Level 1 module, now freely accessible through IBFIM’s website ibfimonline.com, is expected to provide knowledge and understanding on climate-related financial risk in which the main objective is to raise awareness on climate change and measures to be taken within the financial sector.
“As part of its mandate in capacity building and being a member of the United Nations Sustainable Development Solutions Network (SDSN) Malaysia, IBFIM is committed in supporting the industry through strengthening the practical knowledge of learners by providing the necessary training content and platform that can facilitate their understanding of key areas relevant to the industry, among others, on issues pertaining to climate-related risks and elevating value-based intermediation as well as social finance,” said IBFIM’s Chief Executive Officer, Encik Yusry Yusoff.
He added, in pursuing JC3’s continuing engagement in capacity building efforts, IBFIM is certain that the platform which has been designed to ensure that learners have the flexibility to access the complimentary modules remotely, is a significant step towards heightening the industry’s awareness on climate-related financial risk and its impact to the financial sector.
Based on a survey conducted by EY Malaysia, more than 90% of companies observed extreme weather to be a business risk and it was estimated that the potential financial impact for climate-related risks were at USD250 billion linked to assets impairments or write offs as a result of both transition and physical risks.
“It is very important for the financial sector to be cognisant of the triple bottom line – people, planet and profit, hence the responsibility for financial institutions to address the climate change challenge and ensure the sustainability of the natural ecosystems in which simultaneously provide biodiversity benefits. Therefore, it is our hope that the learning platform will facilitate the agenda of JC3 in minimizing the significant risks and systemic impact that could inflict the livelihoods,” he concluded.
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Published on 4 March 2021
For media enquiries, please contact: Noorliza Abdul Latiff,
Mobile: 0111 0703031
Email: noorliza@ibfim.com
Head, Corporate Communications, IBFIM
Head, Corporate Communications, IBFIM
About IBFIM
IBFIM is a lifelong learning institution which specialises in industry technical certifications.
The certifications are designed to ensure attainment of technical proficiency levels to fulfil
jobs requirement and support professionalisation of the industry. IBFIM key programmes are
developed based on IBFIM Qualifications Framework and are accorded Full Accreditation by
the Finance Accreditation Agency to maintain the quality and provide progressive career
route for the certificate holders.
IBFIM learning modules are customisable to fulfil the specific needs of the clients within the
Islamic financial institutions specifically as well as other sectors engaging in Islamic finance.
IBFIM also offer joint-programmes with relevant industry professional bodies and collaborate
with academic institutions in its effort to prepare talent for the industry.
IBFIM programmes are delivered via classroom and online learning.
IBFIM’s Islamic finance publications and advisory services are also available in supporting
the industry’s talent development initiative.
About IBFIM
IBFIM is a lifelong learning institution which specialises in industry technical certifications. The certifications are designed to ensure attainment of technical proficiency levels to fulfil jobs requirement and support professionalisation of the industry. IBFIM key programmes are developed based on IBFIM Qualifications Framework and are accorded Full Accreditation by the Finance Accreditation Agency to maintain the quality and provide progressive career route for the certificate holders.
IBFIM learning modules are customisable to fulfil the specific needs of the clients within the Islamic financial institutions specifically as well as other sectors engaging in Islamic finance. IBFIM also offer joint-programmes with relevant industry professional bodies and collaborate with academic institutions in its effort to prepare talent for the industry. IBFIM programmes are delivered via classroom and online learning.
IBFIM’s Islamic finance publications and advisory services are also available in supporting the industry’s talent development initiative.
About JC3
The Joint Committee on Climate Change (JC3) is intended to pursue collaborative actions for building climate resilience within the Malaysia financial sector.
The JC3 is co-chaired by Deputy Governor Jessica Chew Cheng Lian from the Bank and Deputy Chief Executive Datuk Zainal Izlan Zainal Abidin from Securities Commission Malaysia (SC). Members comprise senior officials from Bursa Malaysia and 19 industry players.
The JC3 is co-chaired by Deputy Governor Jessica Chew Cheng Lian from the Bank and Deputy Chief Executive Datuk Zainal Izlan Zainal Abidin from Securities Commission Malaysia (SC). Members comprise senior officials from Bursa Malaysia and 19 industry players.
The JC3 will be guided by three key mandates –
- Building capacity through sharing of knowledge, expertise and best practices in assessing and managing climate-related risks;
- Identifying issues, challenges and priorities facing the financial sector in managing the transition towards a low carbon economy; and
- Facilitating collaboration between stakeholders in advancing coordinated solutions to address arising challenges and issues.
The JC3 recognised the urgent need to accelerate responses towards ensuring a smooth and orderly transition to a low-carbon economy. This includes managing exposures to climate risks and facilitating businesses to transition towards sustainable practices. In realizing this effort, the JC3 established sub-committees focusing on -
- Risk management;
- Governance and disclosure;
- Product and innovation; and
- Engagement and capacity building
