Advancing Climate Resilience in Islamic Banking and Finance: CIBAFI's Groundbreaking GHG Emissions Measurement Initiative

  • 12/Oct/2023

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.


About CIBAFI: 

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 Bahrain.


For more information on CIBAFI, please contact

CIBAFI Secretariat at Phone: +973 17357302, email:



About Participation Banks Association of Türkiye:

The 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.

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