The Securities Commission Malaysia plans to adopt the International Sustainability Standards Board , that is custom-fitted to the local context, with the aim to instill sustainability principles within Malaysian businesses.
“Malaysia is at a juncture in its development of domestic renewable energy sources as well as a carbon market. We cannot afford to fall short of environmental, social, and governance standards,” he said in his address at the Business Foresight Forum 2023 today. The ISSB builds on the work of market-led investor-focused reporting initiatives including the Climate Disclosure Standards Board , the Task Force for Climate-related Financial Disclosures , the Value Reporting Foundation’s Integrated Reporting Framework and industry-based SASB Standards, as well as the World Economic Forum’s Stakeholder Capitalism Metrics.
“Waqf is an innovative solution and social finance catalyst that aligns with this commitment to sustainable practices. We also intend to issue Maqasid al-Shariah principles by this year to ensure that our ICM’s next phase of growth is more deeply rooted in ethical, socially beneficial, and sustainable practices,” he added.
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