The General Council for Islamic Banks and Financial Institutions (CIBAFI) recently concluded its Annual General Meetings in Istanbul, Turkey, and online. The organization, which serves as the global umbrella of Islamic financial institutions, also conducted a two-day technical workshop on ‘Advancing Climate Action in Islamic Finance: Practical Insights on GHG Measurement & Reporting’ as part of the event. This initiative aligns with the declaration made by the Islamic Finance Infrastructure Organizations at COP28, showcasing CIBAFI’s dedication to promoting sustainability and addressing global climate challenges in the Islamic financial services industry (IFSI).
During the workshop, Dr. Abdelilah Belatik, the Secretary General of CIBAFI, emphasized the importance of supporting the industry’s climate action journey. He stressed the significance of implementing CIBAFI’s GHG emissions measurement tool to facilitate climate action within Islamic banks and financial institutions. Ms. Zainab Al Owainaty, the Director of Administration and Finance at CIBAFI, inaugurated the workshop with opening remarks, highlighting the pivotal role of capacity building in advancing climate action within the Islamic finance sector. She also underscored CIBAFI’s ongoing efforts in this domain, emphasizing the commitment to providing strong frameworks for sustainable growth.
The workshop aimed to provide practical insights on measuring and reporting greenhouse gas emissions within Islamic financial institutions. By equipping participants with the necessary tools and knowledge, CIBAFI seeks to foster a culture of sustainability and environmental responsibility within the Islamic finance sector. The organization’s dedication to promoting climate action aligns with global efforts to combat climate change and reduce carbon emissions, ensuring a greener and more sustainable future for the industry.
In addition to the workshop, CIBAFI’s Annual General Meetings served as a platform for industry leaders and stakeholders to discuss key issues and developments in Islamic finance. The hybrid format, which combined in-person interactions in Istanbul with online participation, allowed for greater accessibility and inclusivity, ensuring that participants from around the world could engage in meaningful discussions and exchange ideas. The event provided a valuable opportunity for networking, collaboration, and learning, reinforcing CIBAFI’s role as a leading advocate for the Islamic financial services industry.
Overall, CIBAFI’s Annual General Meetings and technical workshop on advancing climate action in Islamic finance underscore the organization’s commitment to promoting sustainability and addressing global climate challenges within the industry. By providing practical insights, tools, and frameworks for measuring and reporting greenhouse gas emissions, CIBAFI is paving the way for a more environmentally conscious and responsible Islamic finance sector. As the organization continues to champion climate action and sustainability, it is poised to drive positive change and contribute to a greener, more sustainable future for Islamic finance.
