20th April 2022, Manama, Kingdom of
Bahrain | The General Council for Islamic Banks and Financial Institutions
(CIBAFI), the global umbrella of Islamic financial institutions, has
successfully held a webinar showcasing CIBAFI Sustainability Guide: Enabling
Sustainability Integration in Islamic Banking Sector.
Recognizing the growing interests and significance of sustainability
practices within the Islamic financial sector, CIBAFI was pleased to announce
the completion of its Sustainability Guide for Islamic financial institutions. In
this context, a webinar featuring a presentation on the structure and key
components of the Sustainability Guide followed by an interactive panel discussion
with the experts in the industry was successfully held in conjunction with
CIBAFI Annual Meetings 2022.
Opening the webinar, CIBAFI Secretary General, Dr. Abdelilah
Belatik said: “One of the most important goals of CIBAFI's
strategic direction has always been sustainable development within the global
financial community. CIBAFI has been actively raising awareness and supporting
global sustainability efforts for many years. These initiatives include
publishing publications, hosting webinars, forums, and conferences, as well as
collaborating with international organizations by signing memorandums of
understanding and submitting expert opinions on related policies and regulations
issued by standard-setting organizations. In 2019, CIBAFI publicly announced
its commitment to supporting sustainability practices in the Islamic financial
services industry (IFSI). To that end, the CIBAFI Sustainability Working Group
(SWG) was formed, with the goal of improving the environmental, social, and
governance principles of Islamic financial institutions (IFIs). The Group is
made up of expert representatives from CIBAFI member institutions as well as
other international stakeholder organizations, and its mission is to guide IFIs
toward sustainable development while instilling Islamic finance values in their
Talking about the Guide, Dr. Belatik added: We are happy to
announce that we have completed the development of CIBAFI Sustainability Guide
for Islamic Financial Institutions (IFIs). This Guide is comprised of the Five
Principles of Sustainability, based on Maqasid Al-Shariah (objectives of
Shariah). These Principles were created to promote sustainable development in
the Islamic banking industry by assisting Islamic banks in integrating
sustainability into their business activities while taking environmental,
social, and economic objectives into account. We are grateful to our Board of
Directors, members, and other stakeholders for their assistance during the
various stages of developing this Guide, and we look forward to their continuous
assistance in putting this Guide into action”.
The webinar also witnessed an interactive panel discussion on how
Islamic banks contribute to achieve the global best sustainable practices in
the industry through its business. In addition, the speakers provided an
overview of sustainability reporting standards and impact assessment practices
as well as monitoring frameworks and strategies within the existing global
sustainability guidelines and practices.
The session was moderated by Dr. Dalal Aassouli, Assistant
Professor and Program Coordinator, College of Islamic Studies, Hamad Bin
Khalifa University, Qatar, while the panelists included Mr. Peter Casey, Consultant,
General Council for Islamic Banks and Financial Institutions (CIBAFI); Prof.
Dr. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy
& Finance, Durham University Business School, United Kingdom; Prof. Dr.
Mohamad Akram, Executive Director, International Shari'ah Research Academy
for Islamic Finance (ISRA), Malaysia; Dr. Mohammed Alyami, Director of
Development Effectiveness Department, Islamic Corporation for the Development
of the Private Sector (ICD), Saudi Arabia and Dr. Adriana Kocornik-Mina,
Metrics and Research Senior Manager, Global Alliance for Banking on Values
(GABV), The Netherlands.
This initiative aligns with CIBAFI’s objective, Advocacy of Islamic
Finance Values and Related Policies & Regulations. CIBAFI will continue to
support the Islamic financial industry through specific activities and
initiatives which promote growth, uphold ethical practices and Islamic finance
values in all financial dealings and transactions and facilitate cooperation
between members and institutions of common interest.
The last day of CIBAFI Annual Meetings will witness the 2nd
Meeting of its Innovation and Technology Working Group (ITWG), a Webinar on
“Building Blocks of a Successful Digital Transformation Strategy”, Extra-Ordinary
General Meeting, CIBAFI 22nd Annual General Meeting, and the 45th
Board of Directors’ Meeting. Join through this link: https://cibafiagm.floor.bz/.