HSBC Amanah Malaysia Bhd (HSBC Amanah) is now an official member of the United Nations Global Compact (UNGC) via its local chapter, the Global Compact Malaysia (GCMY).

HSBC Amanah is currently the only international bank in Malaysia that is a member of GCMY, which evidently follows the footsteps of HSBC Group that has been an active member of UNGC since it was launched in 2000.

"We are proud to have been invited to become a member of UNGC. This invitation and our membership to UNGC through GCMY is an important part of our sustainability journey," HSBC Amanah chief executive officer Oz Ahmed said in a statement today.

"The financial services sector has a critical role to play in supporting sustainable business activities and there is a need for the industry to change the nature of capital and increasingly direct it in more sustainable ways and Islamic banking is well placed to assist in this area," he said.

The UNGC is a leadership platform for the development, implementation and disclosure of responsible corporate practices. It is the largest corporate sustainability initiative in the world, with more than 9,500 companies and 3,000 non-business signatories based in over 160 countries, and more than 70 local networks.

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New Straits Times