KUALA LUMPUR (Aug 21): MBSB Bhd (KL:MBSB) has appointed Ashraf Gomma Ali as chief shariah and sustainability officer of the group effective Aug 1.

In his new role at MBSB, Ashraf will oversee both the shariah and sustainability functions, a pioneering move for a Malaysian bank.

"This dual responsibility underscores MBSB’s ambition to lead the way in integrating shariah principles with sustainability, positioning the bank well in this critical area," MBSB said in a statement on Wednesday.

Ashraf has over 15 years of experience in shariah advisory and Islamic banking across North America, the Middle East, and Southeast Asia. He has served as an advisor to the World Bank Group — IFC on Islamic banking matters and has contributed to drafting the section on Islamic banking in the UNEP FI principles of sustainable banking. Additionally, Ashraf is an advisor to international Islamic banking standard-setting bodies, including the Accounting and Auditing Organisation for Islamic Financial Institutions.

"His appointment marks a significant step in MBSB’s commitment to integrating shariah principles with sustainability at the core of its strategic vision. Ashraf is an internationally recognised shariah scholar and Islamic banker who has played a pivotal role in advancing innovation in Islamic finance, particularly in the areas of sustainability and environmental, social and governance (ESG) integration," it added.

Under Ashraf’s leadership, MBSB Group aims to be at the forefront of the Islamic banking industry, where sustainability is not just an add-on but a core strategy. "By combining shariah and sustainability functions, MBSB is signalling its commitment to be a bank that not only adheres to Islamic principles but also seeks to create a positive impact on society and the environment."

Ashraf’s appointment follows that of MBSB group chief executive officer Mohamed Rafe Mohamed Haneef, who took on the additional role of CEO at MBSB Bank Bhd effective Aug 19.

At 3.12pm on Wednesday, MBSB shares were traded up half a sen or 0.59% at 85 sen, giving it a market capitalisation of RM6.99 billion. The stock has risen 19.7% so far this year.