Nature-related financial risks & reliefs: an investigation on Malaysian Islamic Banks’ Approaches in Assisting Their Customers
Changes in the global climate is inevitable to be stopped when it is associated to the local’s weathers and environment. Such changes are visible from the changes in patterns of nature-related disasters that are happening in many countries. When it is related to the practices of banks, it is apparen...
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| Main Authors: | , , |
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| Format: | Conference or Workshop Item |
| Language: | English English English |
| Published: |
2022
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/102964/1/AICIF%202022%20194-212.pdf http://irep.iium.edu.my/102964/8/102964_Nature-related%20financial%20risks%20%26%20reliefs.pdf http://irep.iium.edu.my/102964/9/102964_Nature-related%20financial%20risks%20%26%20reliefs_Abstract%20Book.pdf http://irep.iium.edu.my/102964/ |
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| Summary: | Changes in the global climate is inevitable to be stopped when it is associated to the local’s weathers and environment. Such changes are visible from the changes in patterns of nature-related disasters that are happening in many countries. When it is related to the practices of banks, it is apparent that nature-related financial risks cannot be dismissed without a proper consideration. Simultaneously, their customers who are facing unfortunate circumstances increasingly demand their banks to provide a proper consideration on reliefs in mitigating their situation. This research is carried out to investigate the current approaches that are taken by Islamic banks in Malaysia relating to (i) their nature-related risks and (ii) their available reliefs which they provide for their customers. This research is important as an evaluation on the current practice of Islamic banks in assisting their customers while facing disasters which seem heightening the negative impact on their socio-economic lives and daily businesses. This research applies qualitative research, observation from the Islamic banking and finance practices and analysing available data, especially floods which have affected Malaysia at national level. As part of the findings, certain Islamic banks in Malaysia have taken a progressive approach in providing reliefs for their customers. However, it appears that there is some lagging when considering the nature-related financial risks. |
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