Banking can be a cut-throat business that values bottomline, pursues returns and ultimately parade profits as their raison d’etre.
But now, the emphasis on ethics and `doing good’ is becoming an increasingly important component in the banking industry as purely monetary pursuits are being tempered with the need to `be good, do good in order to feel good’.
On that score, local banking is making the move to embrace the tenets of Banking on Values beginning with Bank Muamalat, which was given recognition as the first Islamic bank and the first in South East Asia to receive recognition as GABV member.
AWANI Review met GABV Senior Adviser David Korslund on his recent trip to Malaysia in January where he took the opportunity to present Bank Muamalat with the credentials following its elevation to the GABV fraternity. Amongst others, Korslund spoke about the benefits of GABV membership and what this `badge of honour’ means to its recipient.
Next, Korslund spoke about the need to keep the interest of stakeholders in focus.
"We take it much more from the stakeholders perspectives, which is to just create as much values as possible by making society better. Some of the values should go to that shareholders to pay for the capable we provide it. But some of the values should go also to community of them operates - to their clients in individuals in enterprises, and also to the co-workers who do work to actually deliver the values."
Pressures still exist but GAVB presents fresh opportunities that sets clear ethical standards in the business of banking.
