Kuala Lumpur, 15 Feb 2023 – The first-of-its-kind environmental, social and governance (ESG)-Islamic framework (Ficus ESG-I Framework) which enables businesses to comply with four key parameters – people, planet, profit and principle or Quadruple Bottom Line 4Ps, is in the making.
“The objective of the framework is to prepare small and medium enterprises (SMEs) and start-ups to fully comply with the three main concepts of Shariah principles, ESG and sustainable growth”, said Ficus Capital Co-Founder & Managing Director Hidayat Abdullah.
Ficus Capital, a Shariah-compliant venture capital management firm registered with the Securities Commission Malaysia, plans to introduce the Ficus ESG-I Framework to guide local businesses, especially business start-ups and SMEs to comply with the objectives of Shariah (Maqasid) and investment ethical standards.
INCEIF University, through its ISRA Research Management Centre, is collaborating with Ficus Capital to seek feedback and ideas from various stakeholders, regulators, ecosystem developers and governments in developing the Ficus ESG-I Framework.
To kickstart this, the Ficus ESG-I Roundtable was held at INCEIF Campus today where industry players, scholars and regulators gathered to exchange views, provide feedback and share industry practices in strengthening the Ficus ESG-I Framework.
INCEIF PCEO Prof Dato’ Dr Azmi Omar said INCEIF University remained committed in its role to bridge the gap between academia and industry, particularly in working on impactful and practicable projects that would eventually be applicable and adopted by the industry.
“We are pleased to collaborate with Ficus Capital and other industry partners in elevating the Islamic finance industry to the next level. This level of synergy between academia and industry practitioners is extremely needed to facilitate greater growth and development of the industry.
“We hope that this Roundtable will serve as a platform to further enhance the proposed Ficus ESG-I Framework. Valuable inputs and feedback gathered during the roundtable will be used by Ficus Capital and INCEIF University to jointly publish a White Paper on the framework, which will assist SMEs and start-ups towards full compliance with the ESG criteria and Islamic principles via a practical and gradual approach or tadarruj“, added Dato’ Azmi.