30th November
2023, Abu Dhabi, UAE | The General Council for Islamic Banks and
Financial Institutions (CIBAFI), the global body of Islamic finance, is
delighted to announce the adoption of a comprehensive
roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board
(IFSB) and the Accounting and Auditing Organization for Islamic Financial
Institutions (AAOIFI), with coordination from the Central Bank of the UAE.
The adoption ceremony took place at the headquarters of Central Bank of the
UAE.
In alignment with COP28, this roadmap
underscores CIBAFI's commitment, alongside other key infrastructure
organizations, to enhance the role of the Islamic financial services industry
in promoting sustainability and addressing global climate-related risks. The
roadmap comprises initiatives and projects by these three organizations aimed
at guiding the industry towards sustainable development.
Dr. Abdelilah Belatik, Secretary General of CIBAFI, emphasized
the importance of this initiative, stating, "Our commitment to
sustainability has been ongoing for several years. This initiative, announced
in conjunction with COP28 in the UAE, marks a significant step in normalising
the role of Islamic finance in promoting sustainability. This collaboration
would not have been possible without the coordination and support from the
Central Bank of the UAE."
The signing of the declaration by the
secretaries general of the three organizations was witnessed by H.E Khaled
Mohamed Balama, Governor of the Central Bank of the UAE, and senior officials
from COP28.
H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “This
declaration issued by the Islamic Finance Infrastructure Organisations tends to
foster Islamic sustainable finance globally, as it sets clear roadmap and
objectives to support Islamic finance industry to integrate further
sustainability considerations in their businesses and activities. The CBUAE is pleased to have supported in the
success of these discussions as part of its commitment to promoting
sustainability and in keeping with the UAE’s vision of becoming an Islamic
finance hub.”
The Islamic Finance Infrastructure
Organizations' Declaration on the Roadmap for Islamic Sustainable Finance is a
landmark, fostering collaboration among key players. This empowers the Islamic
finance industry to contribute significantly to global sustainability goals.