The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, successfully collaborated with the United Nations Environment Programme Finance Initiative (UNEP FI) and the Islamic Development Bank (IsDB) to organize an affiliated event at the MENA Climate Week 2023 in Riyadh, KSA titled “Mobilising Islamic Finance for Climate Action”.
During the event, a guide titled “Mobilising Islamic Finance for Climate Action” was released. This guide serves as an initial roadmap and support for Islamic banks interested in integrating climate change efforts into their business operations. The guide is a key result of a collaborative effort involving CIBAFI, UNEP FI, and IsDB.
The event commenced with welcoming remarks and opening statements from Dr. Abdelilah Belatik, Secretary General of CIBAFI, Dr. Daouda Ndiaye, Manager, Climate Change and Environment Division, Islamic Development Bank and Mr. Eric Usher, Head of UNEP FI.
The event featured a presentation of the guide’s key findings by Ms. Sina Hbous, Consultant. This was followed by a panel discussion with a number of experts in the Islamic finance industry, including Dr. Bradley Hiller, Lead Climate Change Specialist – Climate Division at IsDB, Mr. Peter Casey, Consultant at CIBAFI, Mr. Houssam Chahin, Head of climate action financing hub, United Nations High Commissioner for Refugees (UNHCR) and Mr. Rachid Ettaai, Business Development Manager at CIBAFI. The panel was moderated by Ms. Nuran Atef Africa and Middle East Regional Lead at UNEP FI.
During the panel discussion, the speakers provided valuable insights into the commendable efforts in Islamic Banking, sustainability, and climate change. They highlighted recent efforts to promote climate action and discussed strategic initiatives to align with global efforts in mitigating climate change risks.
CIBAFI remains dedicated to supporting the Islamic financial services industry through a range of activities and initiatives. These efforts encompass providing a platform for industry stakeholders to address emerging issues, representing the industry at significant global financial events, and sharing knowledge through specialized publications.
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