KUALA LUMPUR (Jan 15): Bank Muamalat Malaysia Bhd has today been accepted as the newest member of the Global Alliance for Banking on Values (GABV), a network of the world's leading values-based banks.

The recognition also marks the entry of the first Islamic bank in the world and Southeast Asia in GABV, according to Bank Muamalat in a statement today.

Founded in 2009, GABV comprises 28 financial institutions operating across countries in Asia, Africa, Australia, Latin America, North America and Europe, collectively serving 20 million customers and holds up to US$100 billion in combined assets under management.

As a member of GABV, Bank Muamalat will be able to widen its exposure in sustainable banking practices and learn from other GABV members which have already established their footprints in value-based banking activities in their respective countries.

"By being part of GABV, Bank Muamalat will also be able to share the international best practices with VBI's (value-based intermediation) community of practitioners in our efforts to position Malaysian Islamic banking to become more prominent and as a leading agent to generate positive and sustainable impact to the economy, community and environment," said Bank Muamalat.

Bank Muamalat is a member of DRB-Hicom Bhd, which owns 70% stake in the Islamic banking group, while the remaining 30% is held by Khazanah Nasional Bhd.