CIMB Islamic Bank Partners with MTT Shipping for Sustainability-Linked Treasury Programme
CIMB Islamic Bank Bhd has announced its partnership with MTT Shipping Sdn Bhd in the bank’s sustainability-linked Treasury programme. This programme is designed to attract clients who are seeking to integrate their environmental, social, and governance (ESG) aspirations into long-term treasury solutions provided by the bank. CIMB’s programme covers recurring flow transactions, such as imports and exports, as well as episodic balance sheet hedging and risk management solutions.
As part of the collaboration, MTT Shipping will be eligible for a sustainability-linked reward based on the achievement of ambitious Sustainability Performance Targets. These targets will undergo stringent verification by an independent third party. The partnership aims to support MTT Shipping in advancing its sustainability goals and offers the first Shariah-compliant hedging solution in CIMB’s Sustainability-Linked Treasury Programme.
Ahmad Shahriman Mohd Shariff, CEO of CIMB Islamic, expressed pride in embarking on this journey with MTT Shipping, highlighting their commitment to supporting clients’ ongoing business requirements while promoting sustainability. He emphasized that the partnership exemplifies CIMB’s dedication to generating long-term positive impacts on the economy, community, and environment, aligning with the principles of Value-Based Intermediation (VBI).
MTT Shipping, led by Group Executive Chairman Datuk Seri Kenny Ong, has demonstrated its commitment to aligning its operations and decision-making processes with the recommendations and requirements set forth by regulatory bodies like the International Maritime Organisation (IMO). The company manages the carbon intensity indicator (CII) ratings of its vessels and aligns its overall emissions reduction trajectory with the IMO’s guidelines. This collaboration between CIMB Islamic Bank and MTT Shipping highlights the shared commitment of both organizations towards sustainable practices and making positive contributions to the industry and the wider community.
Read further here: https://www.thestar.com.my/business/business-news/2023/06/27/cimb-islamic-onboards-mtt-shipping-to-shariah-compliant-sustainability-linked-treasury-programme
