March-April . 2024 | @ Halal

It offers globally accepted and standardised terms for Islamic hedging products

This agreement signified Petronas ’ debut in Shariah-compliant derivatives , making it the first Malaysian corporation to utilise CIMB Islamic ’ s Shariah-compliant commodity hedging instruments for Islamic Energy Commodity Derivative trades .

Drafted by the International Swaps and Derivatives Association ( ISDA ) in collaboration with the International Islamic Financial Market ( IIFM ) Association , the TMA establishes a multiproduct framework for Shariah-compliant derivative transactions .

It offers globally accepted and standardised terms for Islamic hedging products , thereby stimulating their international growth .

Adopting this master agreement aligns with Malaysia ’ s aspirations to become an international marketplace for Islamic finance .

The signing ceremony , held at the Petronas Twin Towers , saw representation from CIMB , including the

CIMB Group Holdings Berhad ’ s ( CIMB Group ) annual Harapan Ramadan programme , in collaboration with CIMB Islamic and CIMB Foundation , has distributed over RM1.8 million to aid more than 34,000 individuals during Ramadan .

This is , thus far , their largest distribution .

This initiative , spanning 100 locations nationwide to commemorate CIMB Malaysia ’ s 100th anniversary , targeted marginalised communities , including ‘ Asnaf ’, ‘ B40 ’ groups , single parents , and refugees .

By collaborating this year with six non-governmental organisations ( NGOs ), they aimed to distribute essential items like rice , cooking oil , canned food , and cash allowances to orphanages to alleviate financial burdens during the fasting month and Eid preparations .

CIMB Islamic and CIMB Foundation Chief Executive Officer ( CEO )

CEO of CIMB Islamic , Ahmad Shahriman Mohd Shariff and Co-CEO of Group Wholesale Banking and Group Treasurer of CIMB Group , Chu Kok Wei .

Petronas was represented by Vice President of Treasury , Freida Amat and Head of Group Commodities Exposure Management , Treasury , Nik Mohsain Harjuda Nik Ahmad .

Ahmad expressed his gratitude , saying , “ CIMB Islamic is proud to partner with Petronas for this landmark Shariah-compliant commodity derivatives arrangement , contributing towards the development of Malaysia ’ s International Islamic Financial Centre ( MIFC ), in line with Bank Negara Malaysia ’ s Financial Sector Blueprint ”.

Chu added , “ We are pleased to support Petronas , an entity symbolic to Malaysia as the national oil and gas company in meeting their ongoing business requirements .”

“ The partnership with Petronas under the TMA is indeed timely , given the robust growth and increasing demand for Shariah-compliant instruments in the market today .”

“ The TMA will certainly pave

Ahmad Shahriman Mohd Shariff highlighted the involvement of 650 CIMB employees as volunteers , reflecting the bank ’ s commitment to community welfare .

“ We remain committed to championing initiatives that generate positive and meaningful impact on the communities we serve , and we look forward to working with our partners to share more blessings with our beneficiaries and alleviate their burdens this Holy month ,” he said .

Since 2022 , the Harapan Ramadan programme has mobilised over RM4.4 million , benefiting 83,000 individuals . the way for Petronas to manage its future hedging transactions , and we continue to be on the lookout for more synergetic collaborations with other corporate clients to continue invigorating this attractive segment .”

Freida noted that Petronas ’ support for the TMA signifies its commitment to advancing Shariahcompliant derivatives globally . She explained that utilising derivatives under the TMA would enable Petronas to manage exposures in a Shariah-compliant manner , reinforcing the company ’ s support of the Islamic finance industry ’ s growth .

The collaboration is seen as a strategic move for both entities , with CIMB actively promoting Islamic and sustainable finance and Petronas , a significant player in the oil and gas industry , further supporting Islamic finance through investments in Sukuk and Islamic financing facilities .

The partnership under the TMA is poised to facilitate Petronas ’ s management of future hedging transactions while contributing to the growth of the Islamic finance sector .

( From right to left ) Dato ’ Mustapa Othman ( CEO of Yayasan Belia Malaysia ), Ahmad Shahriman Mohd Shariff ( CEO of CIMB Islamic and CIMB Foundation ), Mohd Shukor Md Tahir ( CEO of Islamic Relief Malaysia ), Rositah Mariam Sulaiman ( Head of Corporate Responsibility , CIMB Group ) and Ken Mohamed Faiz Kamal ( Regional Head , Business Development and Corporate Initiatives of CIMB Islamic ) officiating the launch of CIMB Harapan Ramadan 2024 .

CIMB Islamic has spearheaded various initiatives supporting underserved communities via programmes such as ‘ Program Keusahawanan Taylor ’ s – CIMB Islamic ’, ‘ iTEKAD CIMB Islamic Rider Entrepreneur Programme ’, ‘ Melon Manis Terengganu Graduate Agropreneur Programme ’ and ‘ CIMB MicroBizReady ’.

While The CIMB Foundation kept its focus on corporate social responsibility pillars such as education , health , economic empowerment , and environmental sustainability , aligning with the United Nations Sustainable Development Goals ( UN-SDGs ).

FWD Takaful Berhad is rolling out two fresh takaful schemes tailored for members of the Employees Provident Fund ( EPF ).

These upgraded plans , now with added perks , are automatically renewable yearly and extend coverage to EPF members , their spouses , and up to 10 children .

EPF participants can enrol in the FWD i-Lindung Term Takaful Plan and FWD i-Lindung Critical Illness Plan at economical contribution rates , utilising funds from their EPF Account 2 .

FWD Takaful Chief Executive Officer Salim Majid Zain , explained : “ The FWD i-Lindung Term Takaful Plan and FWD i-Lindung Critical Illness Plan are innovative offerings that underscore our dedication to safeguarding the financial interests of our clientele .

“ Moreover , by enabling the utilisation of EPF Account 2 funds , we align with national objectives of enhancing social well-being and empowering our customers to optimise their resources to secure their and their families futures .

“ These additions exemplify FWD Takaful ’ s client-centric ethos and commitment to inclusivity , diversity , and accessible healthcare .”

The FWD i-Lindung Term Takaful Plan offers affordable yearly coverage ranging from RM10,000 to RM200,000 . It includes ;

• Death and total & permanent disability ( TPD ) benefits , with additional features such as a 200 per cent payout for accidental death and TPD ,

• A one-time payment of RM500 for infectious diseases , and

• A compassionate death benefit of RM3,000 . Based on FWD Takaful ’ s claims data up to December 2022 , cancer , heart attacks , and strokes constitute approximately 78 per cent of all critical illness claims .

In response , the FWD i-Lindung Critical Illness Plan is a yearly auto-renewable 2-in-1 Critical Illness ( CI ) plan providing benefits from early to advanced stages and full sum coverage upon death , ranging from RM10,000 to RM200,000 .

Covered ailments include Carcinoma-insitu ( CIS ) or cancer , heart attacks , strokes , dialysis , angioplasty , intensive care unit ( ICU ) stays , non-invasive heart procedures , complex surgeries , and major organ transplants .

These plans are accessible to EPF members aged 17 and above through the new KWSP i-Akaun mobile app . Additionally , participants in the “ Protect with i-Lindung ” campaign can receive Touch ‘ n Go eWallet vouchers worth up to RM200 using the code ‘ LINDUNG ’ during sign-up .

The campaign offers limited quantities from Feb 7- Mar 31 , 2024 . –