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Wednesday, February 21, 2024

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Islamic financial institutions collaborate on launch of Islamic sustainable finance roadmap

The Central Bank of the UAE (CBUAE) hosted a series of meetings that culminated in the launch of a new Islamic sustainable finance roadmap ahead of the 28th Conference of the Parties, widely known as COP28, that began today in the UAE.

Announced during a roundtable attended by key industry players and personalities, the roadmap sets out comprehensive steps to advance sustainability in Islamic finance.

This includes prudential standards, disclosure guidelines, market development initiatives, capacity-building programs and a timeline for these initiatives to be implemented.

The launch was preceded by discussions hosted by the CBUAE for Islamic finance infrastructure organizations including the General Council for Islamic Banks and Financial Institutions, which hosted an event on empowering sustainable practices and climate action in Islamic finance; the IFSB, which hosted a forum on sustainability-related risks and opportunities; and AAOIFI, which held an event on the integration of Maqasid Shariah and SDGs in decision-making.

Khaled Mohamed Balama, the governor of the central bank, said: “The CBUAE is pleased to have supported in the success of these discussions as part of its commitment to promoting sustainability and in keeping with the UAE’s vision of becoming an Islamic finance hub.”

Dr Sultan Al Jaber, the minister of industry and advanced technology and COP28 president-designate, added: “Today’s launch of the roadmap for Islamic sustainable finance is a strong demonstration of the UAE’s commitment to lead by example and deliver holistic and actionable solutions to the climate crisis. We simply cannot meet our climate ambitions and keep 1.5oC within reach without the active participation of all sectors, including Islamic finance. Ensuring that sustainability is an integral part of all financial strategies is crucial to tackling climate change and today’s launch is a welcome contribution to our call for stakeholders to develop solutions that fixes climate finance.”

COP28 is held in Dubai from the 30th November to the 12th December 2023.

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