DUBAI: Mahmood Rafique, Editor: The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, announced 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.
“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,” Dr. Abdelilah Belatik, Secretary General of CIBAFI, said while emphasizing on the importance of the global milestone.
The signing of the declaration by the secretaries general of the three organizations was witnessed by Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and senior officials from COP28.
“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,” Khaled Mohamed Balama, Governor of the CBUAE, said.
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.
