ABU DHABI, UAE – The Central Bank of the United Arab Emirates (CBUAE) hosted several events with Islamic finance infrastructure organizations dedicated to sustainable Islamic finance.
The events, which took place in Abu Dhabi on November 27-28 2023, are part of CBUAE’s efforts to promote sustainable finance and expedite initiatives tackling climate change challenges.
The events included the Global Forum organized by the Islamic Financial Services Board (IFSB) which discussed sustainability-related risks, opportunities and policy initiatives.
The General Council for Islamic Banks and Financial Institutions (CIBAFI) also held a roundtable meeting focused on fostering sustainable practices and climate action within Islamic finance.
A panel discussion was also conducted by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) which emphasized the integration of Islamic Shari’ah objectives and sustainability principles into the Shari’ah decision-making process.
Participants in the events included officials, experts, and specialists from international organizations, financial institutions and Islamic financial bodies.
Officials from CBUAE as well as representatives from banking, finance and insurance companies operating in the country were also in attendance.
They aimed to support and advance sustainable Islamic finance while expanding the reach of sustainable finance globally, aligning with the sustainable development goals.
Ebrahim Obaid Al Zaabi, Assistant Governor of the Monetary Policy and Financial Stability at CBUAE, emphasized the UAE’s dedication in addressing the challenges posed by climate change, integrating sustainability into the broader financial system and promoting global sustainable development.
Al Zaabi said, “We greatly appreciate partnerships and collaborative efforts with our counterparts to deliver concrete and impactful solutions that bolster climate action and expedite the realization of sustainable financing endeavors worldwide.”
The Islamic finance infrastructure organizations reaffirmed their dedication to cultivating sustainable finance in accordance with global sustainability benchmarks.
They also pledged to contribute to the advancement of sustainable development goals.