CIBAFI Introduces Innovative GHG Measurement Tool to Advance Climate Action in Islamic Finance

  • 21/May/2024

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.

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