12th October 2023, Manama, Kingdom of
Bahrian, Istanbul, Türkiye | The
General Council for Islamic Banks and Financial Institutions, the global
umbrella of Islamic financial institutions, has successfully conducted a roundtable meeting on Advancing Climate Resilience:
GHG Emissions Measurement in Islamic Banking and Finance in Istanbul, Türkiye
and online. The meeting was hosted by the Participation Banks Association of
Türkiye (TKBB) and held in conjunction with the 9th Sustainability
Working Group (SWG) meeting.
Recognizing the pressing need to address climate change, the
Islamic financial services industry (IFSI) is committed to aligning itself with
global efforts to achieve net-zero carbon emissions by 2050. As a manifestation
of this commitment, CIBAFI has initiated a project aimed at developing a
Greenhouse Gas (GHG) emissions measurement methodology tailored for Islamic financial
institutions (IFIs). To ensure that this methodology is shaped in consultation
with stakeholders and is finalized effectively, CIBAFI organized a high-level
meeting. This meeting brought together industry experts to discuss the
measurement methodology and its critical considerations.
The meeting was inaugurated by Dr. Abdelilah Belatik,
Secretary General of CIBAFI. During his opening remarks, Dr. Belatik
highlighted CIBAFI's commitments and initiatives to promote sustainability
within the IFSI. He emphasized CIBAFI's dedication to global efforts aimed at
mitigating climate change risks, reaffirming the organization's pivotal role in
shaping the future of sustainable finance. This partnership with the Participation
Banks Association of Türkiye (TKBB) aims to facilitate the mutual objectives of
both institutions in fostering the growth and sustainability of the Islamic
financial services industry.
Throughout the meeting, experts engaged in thought-provoking
dialogues, offering valuable insights into the challenges and opportunities
associated with accurately measuring emissions. They delved into the
measurement methodology developed by CIBAFI for assessing GHG emissions within
the Islamic finance sector, underlining the paramount importance of
establishing achievable targets to drive sustainability forward.
CIBAFI continues to support the IFSI through various activities and
initiatives. These initiatives include providing industry stakeholders with a
platform to discuss emerging issues, representing the industry at major global
events, and sharing knowledge through specialized publications and
comprehensive training programmes.
The General Council for Islamic Banks and Financial Institutions
is an international non-profit organization founded in 2001 by the Islamic
Development Bank (IDB) and a number of leading Islamic financial institutions.
It is an affiliated organ to the Organisation of Islamic Cooperation (OIC).
With over 130 members from more than 34 jurisdictions all around the world,
CIBAFI is recognized as a key piece in the international architecture of
Islamic finance. Its mission is to support the Islamic financial services
industry by providing specific activities and initiatives, aiming to
strengthening the growth of the industry, deepening Shariah objectives in
financial dealings and transactions, and facilitate cooperation between members
and institutions of common interest. CIBAFI office is located at Jeera III, 7th
Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of
For more information on CIBAFI, please contact:
CIBAFI Secretariat at Phone: +973 17357302, email: email@example.com.
Participation Banks Association of Türkiye:
Association is a professional public institution that has been established as
per the previous Banking Law no. 4389 in 2002. According to the Banking Law
No.5411 put into practice in November 2005, “Special Finance Houses” has been
transformed into “Participation Banks”, gaining the “bank” statute. The current
statute of Association as well, has been regulated with the article 81 of
Banking Law No.5411, and publicly announced via the Official Circular in
February 28, 2006.
The aim of the Association is to defend the rights and interests
of Participation Banks within the frame of the principles of free market
economy and full competition in the direction of the principles and rules of
the regulations of banking; to carry out studies and researches for the
enhancement and healthy functioning of the banking system, for the development
of banking, for the improvement of competitive power; to adopt/ to have
adopted, practice and demand to be practiced such resolutions as are required
to introduce a competitive environment and avoid unjust competition.