KUALA LUMPUR: OCBC Al-Amin Bank Bhd (OCBC Al-Amin), OCBC Bank (Malaysia) Bhd’s Islamic banking subsidiary, plans to strengthen its commitment to sustainability and bringing its value-based intermediation (VBI) to an altogether new level with more ‘green’ financing projects this year.
CEO Syed Abdull Aziz Syed Kechik said the bank will continue to focus on sustainable financing opportunities as part of its long-term growth strategy within the established responsible financing framework.
“We are actively exploring possible strategic collaborative engagements with relevant government agencies in support of this sustainability agenda amidst the impact from the Covid-19 pandemic.
“Currently, we are focusing on financing renewable energy projects which includes large scale solar photovoltaic and rooftop solar power plants, and we are also looking into providing sustainability-linked financing to our customers,” he said in a statement today.
VBI is an industry-driven sustainability initiative aimed at strengthening the roles of Islamic banking institutions in generating a positive and sustainable impact on the economy, community and environment.
Earlier this month, OCBC Al-Amin acted as the lead arranger for a first-of-its-kind Syndicated Multi-Currency Shariah-compliant sustainability-linked financing facilities (syndicated financing) worth US$800 mil (RM3.486 bil) for Axiata Group Bhd (Axiata), one of the leading telecommunications groups in Asia.
“It was a monumental milestone for Axiata as it remains as one of the largest syndicated financing transactions undertaken in the midst of the unprecedented pandemic crisis, and it was also the first sustainability-linked Islamic financing effort undertaken in Malaysia,” said Syed Abdull Aziz.
Last year, OCBC Al-Amin acted as the adviser and lead arranger for Edra Solar Sdn Bhd’s Sukuk Sustainability Framework, creating new benchmarks in the Sukuk market by successfully pricing Malaysia’s first Asean Sustainability Socially Responsible Investing (SRI) Sukuk of RM245 mil. – May 27, 2020, Bernama
