29th November
2023, Manama, Kingdom of Bahrain, Abu Dhabi, UAE | The General Council for Islamic Banks
and Financial Institutions (CIBAFI), the global body for Islamic finance, organised
a successful Pre-COP 28 Roundtable Meeting in Abu Dhabi and online, hosted by
the Central Bank of UAE. Aligned with COP28, the roundtable aimed to facilitate
dialogues on sustainability and climate change in Islamic finance, gathering
representatives from IFIs, regulatory bodies, and sustainability advocates.
In a notable advancement, CIBAFI released
an exposure draft for a new Greenhouse Gas (GHG) measurement tool, specifically
tailored for Islamic Financial Institutions (IFIs). This release follows
CIBAFI's earlier efforts in promoting sustainable development, including the
publication of the CIBAFI Sustainability Guide, illustrating its continuous
commitment to responsible financial practices.
The meeting was opened with remarks from Dr.
Abdelilah Belatik, Secretary General of CIBAFI. Dr. Belatik emphasized the
critical role of CIBAFI in integrating sustainable practices within Islamic
finance. "Our initiatives, including the GHG measurement tool and the
Sustainability Guide, align with the global pursuit of sustainability. The
upcoming COP28 in UAE is an opportunity to demonstrate the MENA region's
engagement in global sustainability efforts and the significant role Islamic
finance plays in this context," he stated.
H.E. Ebrahim Al Zaabi, Assistant Governor for Monetary Policy
and Financial Stability at the Central Bank of the UAE, gave a keynote address,
highlighting the UAE's commitment to incorporating sustainability into its
financial system " In an era with environmental challenges and the urgent
need for sustainable development, the UAE remains committed to embrace
innovative solutions that intertwine economic progress with environmental
responsibility. Hosting COP 28 stands as a testament to the transformative power
of forward-thinking initiatives that integrate sustainability principles into
the fabric of our economic landscape.” he noted.
Mr. Rachid Ettaai, Business Development Manager at CIBAFI,
presented details on the newly released GHG measurement tool. This tool
represents a significant step towards understanding and managing the
environmental impacts of Islamic financial institutions.
Following the presentation, two
enlightening sessions featured a number of experts in the financial sector,
including Dr. Mohamed Damak from S&P Global Ratings, Ms. Fatma
Çinar from Türkiye's Participation Banks Association, Mr. Arshad Nuval
bin Othman from CIMB Islamic Bank Malaysia, Mr. Noman Ali from HSBC
Bank Middle East Limited, Mr. Riccardo Ambrosini of the International
Finance Corporation, and Dr. Mohamed Wail from Al Maali Group.
The event concluded with CIBAFI reaffirming
its commitment to promoting sustainable practices within the Islamic Financial
Services Industry (IFSI), underscoring the importance of collaborative efforts
in addressing climate change.