21st May 2024, Manama, Kingdom of Bahrain
| The General Council for Islamic Banks and Financial Institutions
(CIBAFI), the global umbrella of Islamic financial institutions, successfully
conducted a webinar titled “Unveiling the CIBAFI
Greenhouse Gas Measurement Tool to Strengthen the Contribution of Islamic
Financial Institutions to Climate Action”. Experts in climate action and
Islamic finance discussed the crucial role of Islamic banks in advancing
climate initiatives.
This initiative aligns with the declaration made by the Islamic
Finance Infrastructure Organizations during COP28 and CIBAFI's commitment to
sustainability. The webinar introduced a groundbreaking Greenhouse Gas
Measurement Tool for Islamic banks. This tool helps banks assess the
environmental impact of their investment portfolios, marking a significant step
in CIBAFI's environmental responsibility efforts.
The webinar was inaugurated with welcoming remarks from Dr.
Abdelilah Belatik, Secretary General of CIBAFI. Dr. Belatik underscored
CIBAFI's commitment to supporting Islamic banks by introducing this
groundbreaking tool aimed at addressing climate change and promoting
sustainability within the industry. He emphasized the potential benefits of
this tool, expressing hope that Islamic banks will leverage it to enhance their
operations and achieve greater sustainability outcomes.
After the opening remarks by the Secretary General, Mr. Rachid
Ettaai, Business Development Manager at CIBAFI, introduced the CIBAFI GHG
Emissions Measurement Tool within the context of Islamic finance. Following
this introduction, a panel session commenced featuring Mr. Peter Casey,
Consultant from the UK; Mr. Noman Ali, Managing Director of Financial
Controller ESG and Sustainable Finance at HSBC Group in the UAE; Dr. Wael
Mohamed Aaminou, Managing Partner at Green for South in Canada; and Mrs.
Sunita Devi, Senior Sustainability Manager at Frencken Group Limited in
Malaysia. The speakers explored the integration of sustainability into Islamic
banking, emphasizing collaborative efforts and adherence to global standards
for managing climate risks. Additionally, they shared strategies for seamlessly
implementing the GHG tool.
CIBAFI remains dedicated to sustainability and climate action,
supporting the Islamic financial services industry through dialogues on
emerging issues and representation at global financial events.