In a significant move to integrate sustainability into the Islamic financial sector, the General Council for Islamic Banks and Financial Institutions (Cibafi), in collaboration with the Central Bank of Bahrain (CBB), yesterday launched a two-day technical workshop in Manama.
The workshop, titled ‘Advancing Climate Action in Islamic Finance: Practical Insights on GHG Measurement & Reporting,’ is taking place at the Wyndham Grand Hotel.
The initiative responds to the growing global urgency surrounding climate change and sustainability and forms part of Cibafi’s strategic efforts to enhance capacity within the Islamic financial services industry (IFSI).
Participants will gain practical tools and knowledge for measuring and reporting greenhouse gas (GHG) emissions in line with international standards.
Dr Abdelilah Belatik, secretary-general of Cibafi, underscored the organisation’s commitment to advancing sustainability in Islamic finance.
Dr Belatik
He emphasised Cibafi’s alignment with the COP28 declaration by Islamic finance infrastructure bodies, noting that the council’s newly developed GHG measurement tool is a crucial step for Islamic Financial Institutions (IFIs) to incorporate climate action into their operations and meet increasing regulatory expectations in key Islamic finance markets.
Zainab Al Owainaty, director of administration and finance at Cibafi, inaugurated the workshop, highlighting the council’s pivotal role in building capacities for evolving sustainability demands.
She stressed the importance of collaboration between financial institutions and regulatory bodies to achieve sustainability goals and Cibafi’s ongoing commitment to providing practical solutions and training for effective climate strategies.
Ali Haroon Alaamer, director of Capital Markets Supervision at the Central Bank of Bahrain, delivered a keynote speech emphasising the transformative potential of Islamic finance in tackling climate change.
He highlighted the alignment of Islamic finance principles with sustainability and pointed to instruments like green sukuk, Takaful, and Islamic social finance as powerful tools for climate action.
Mr Alaamer also outlined the CBB’s ESG disclosure framework, reinforcing Bahrain’s dedication to global sustainability standards through regulatory initiatives.
The workshop has drawn senior representatives from Islamic banks, financial institutions, regulatory bodies, and other key stakeholders.
The programme includes interactive sessions on GHG accounting and practical exercises using Cibafi’s GHG emissions measurement tool, providing a valuable platform for industry professionals to enhance their sustainability reporting capabilities while adhering to Shariah principles.
The workshop is being led by Dr Wael Mohamed Aaminou, managing partner at Green for South.
avinash@gdnmedia.bh
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