KUALA LUMPUR: CIMB Islamic Bank Bhd (CIMB Islamic) has committed RM1 million per year, renewable annually for up to 3 years for the conservation efforts of Setiu Wetlands, Terengganu.
The three-year project with a total potential commitment of RM3 million, is in collaboration with World Wide Fund for Nature Malaysia (WWF-Malaysia).
The contribution is made possible through CIMB Islamic’s first green Savings Account product, EcoSave Savings Account-i (EcoSave) through which the bank commits 0.2 per cent of the total average portfolio balance of the account to environmentally-focused projects and activities.
CIMB Islamic chief executive officer Ahmad Shahriman Mohd Shariff said, “EcoSave Savings Account-i reflects CIMB Islamic’s priority on sustainability and responsible banking. Its attributes are also in line with CIMB Group’s Sustainability pivot, which is one of the key pillars in Forward23, our current strategic growth
“Apart from eco-friendly features like no passbook, and paperless transactions, this account also boasts a unique, differentiating feature whereby 0.2 per cent of the total portfolio average balance will be channeled towards green initiatives.
“The fact that CIMB Islamic has almost half a million active holders of this account proves that our Malaysian society is increasingly aware of and are open to sustainability-linked products that could help them contribute towards conserving the environment and making a difference.
“We look forward to continued interest and take up of EcoSave, which will further empower our green initiatives for Mother Earth.”
He added, “CIMB Islamic will continue to innovate products that are sustainability-linked to ensure that our customers have the best options in helping them fulfil their environmental, economic and social (EES) aspirations while banking with us.”
The conservation project with a focus on Setiu Wetlands in Terengganu that represents one of the country’s most important wetland ecosystems, is expected to generate considerable positive and sustainable impact to the local economy, community and environment.
The project contributes towards safeguarding Setiu Wetlands’ healthy and functioning ecosystem by establishing a critical knowledge base to guide sustainable development and address the key threats and issues in the wetlands besides enhancing the local community’s capacity including in initiatives around sustainable use of the wetlands resources that help generate their supplemental livelihood.
This is CIMB’s third collaboration with WWF-Malaysia on strategic conservation projects, subsequent to the project in Ulu Muda, Kedah, and in Ba’ Kelalan and Long Semadoh in Sarawak.
WWF-Malaysia CEO Sophia Lim added, “I am encouraged to see a building up of momentum in the finance sector by supporting and demonstrating leadership for environmental protection, nature conservation and enhancement of people’s wellbeing.
“Through this collaboration, CIMB Islamic has yet again displayed exemplary leadership in championing a range of sustainability efforts around strategic green initiatives aimed at safeguarding nature and reducing environmental impacts.”
WWF’s plans for Setiu include conservation field research; advocacy; collaborative engagement with stakeholders; community education and outreach; and community participation in conservation via citizen science.
The project also has clearly defined outcomes to ensure it achieves its objectives within the stipulated timeframe.
Customers can choose to open an EcoSave Savings Account-i at any CIMB Islamic branch nationwide, with a minimum deposit of RM250.
Other than the indirect contribution towards green initiatives, there is a monthly RM5 cash incentive for customers who maintain a monthly average balance of RM5,000, without any over-the-counter transactions in the month.
Customers will also receive quarterly updates via EcoSave’s e-newsletter on green initiatives undertaken by EcoSave.