From left: Ina Hasniza Ibrahim, Regional Head, Corporate & Commercial Sales and Regional Islamic Treasurer of CIMB Group; Jefferi Hashim, Head, ESG Advisory and Solutions, Group Wholesale Banking of CIMB Group; Datuk Seri Kenny Ong, Group Executive Chairman of MTT Shipping and Ooi Lean Hin, Managing Director of MTT Shipping
KUALA LUMPUR: CIMB Islamic Bank Bhd has onboarded local carrier MTT Shipping Sdn Bhd to its sustainability-linked Treasury programme.
In a statement, CIMB said the programme attracts clients that are looking to
embed their environmental, social and governance (ESG) aspirations into longer-term treasury solutions offered by the bank.
It said the programme encompasses recurring flow transactions for clients’ business activity conversion cycles such as imports and exports, as well as more episodic balance sheet hedging and risk management solutions.
CIMB added that MTT Shipping is entitled to receive a sustainability-linked reward based on the achievement of ambitious Sustainability Performance Targets, which are subjected to stringent independent third party verification.
"“We are proud to embark on this journey with MTT Shipping to advance their sustainability goals through offering the first Shariah-compliant hedging solution in CIMB’s Sustainability-Linked Treasury Programme in meeting their ongoing business requirements.
"As a purpose-driven organisation, this exemplifies our commitment to not only prioritise product innovation, but also to generate longterm positive impacts to the economy, community and environment in line with the principles of Value-Based Intermediation (VBI)," said CIMB Islamic CEO Ahmad Shahriman Mohd Shariff.
MITT Shipping group executive chairman Datuk Seri Kenny Ong said the group strives to ensure both its operations and decision-making processes are aligned to the policy recommendations and requirements set forth by the relevant regulatory bodies such as the International Maritime Organisation (IMO).
"This includes managing the carbon intensity indicator (CII) ratings of our vessels while aligning our overall emissions reduction trajectory to be in line with the IMO,” he added.
