’ s underlying values, moral compass and priorities. there are four underpinning thrusts of vbi ─ entrepreneurial mindset ; community empowerment ; good self - governance ; and best conduct. through the embodiment of these principles in the business strategies of islamic banks, there would be greater appreciation on the need to create a positive impact on stakeholders, as called for by shariah and islam itself. the adoption of vbi is expected to further strengthen the element of self - discipline within islamic banks. a common moral outlook for the ultimate good leads to greater accountability and integrity, resulting in strong consideration on the impact of any decisions made. islamic banks would be driven to continuously improve their offerings and treatments toward customers and employees, which include fair and transparent disclosure. the more sustainable banking practices that would be developed based on vbi concepts encourage the creation of new business opportunities and provide the foundation for more sustainable returns for islamic banks over the long term. customers, particularly businesses and entrepreneurs would benefit from the opportunity to be more involved, in the design of more innovative products and services, that are best tailored to meet their needs and circumstances. business propositions from new sectors such as the smes, would also benefit from vbi - based practices where financing applications would be assessed by islamic banks based on their potential value creation, not just their credit scores. society at large also stands to gain from reduced negative externalities as any activities that damage the community and environment would be reduced overtime. the practice of islamic banks in giving back to society, such as by integrating waqf and sadaqah within islamic financial transactions, can also create positive socioeconomic impact in communities. vbi should not be mistaken for corporate social responsibility ( csr ). in fact, vbi goes beyond the concept of csr with a pervasive approach to reconfiguring the way islamic banking works. globally, we can also see value - based concepts being demonstrated in the banking sector, where value - based practices have emerged to restore the role of finance in acting for the greater good. teambank in germany for instance, capitalises on the concept of fairness in its dealings with customers to market its easycredit as its primary product proposition. the success of this strategy has positioned teambank as the country ’ s third largest consumer finance provider. equally commendable is westpac banking corporation, the first australian bank that has incorporated environmental filters in its day - to - day business decisions. in malaysia, i believe islamic

marzunisham omar : a safer malaysia - unmasking crime with a strong aml / cft regime speech ( virtual ) by mr marzunisham omar, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the suruhanjaya syarikat malaysia ( ssm ) national conference 2023, 25 july 2023. * * * assalamu'alaikum and a very good morning. first of all, thank you to suruhanjaya syarikat malaysia for giving me the opportunity to speak this morning. it is an honour and my pleasure to address the audience gathered here today. seeing representatives from various sectors and government agencies, who bring together a diverse range of expertise and experiences, i know that our shared commitment to upholding the highest standards of integrity and trust in our economic and financial system is stronger than ever. overview of malaysia's current financial crimes landscape combating money laundering and terrorism financing, or ml / tf, is a serious business. the united nations office on drugs and crime ( unodc ) estimates1 that roughly usd800 billion to usd2 trillion is laundered globally every year. even then, this may still be an underestimation given the covert nature of these activities. to put it into perspective, that amount is almost the size of the combined gdp of the asean countries, an entire region's worth of economic output – that is what we are talking about when we talk about the cost of these crimes. closer to home, the national risk assessment 2020 has found – based on data analysis between 2017 to 2019 – that fraud, corruption, smuggling, illicit drug trafficking and organised crimes form the top five high - risk crimes that pose significant ml / tf threats in malaysia. these crimes tend to be thought of as being financial in nature. and it is true that they have a major impact on the financial system. but more damaging still is the sheer extent of damage wrought by ml / tf in other aspects of national life, beyond the financial system alone. where criminals prevail, the whole of society loses. let's take for example financial scams and fraud. since its launch in october 2022, the national scam response centre ( nsrc ) has received reports of more than 15, 000 scam cases with losses amounting to rm141 million. those numbers are only a subset of overall reports at the national level. based on information from pd