CIBAFI, in Collaboration with the Central Bank of Bahrain, Launches a Technical Workshop on Climate Action in Islamic Finance
Held in response to the growing urgency surrounding climate change and sustainability, the workshop is part of CIBAFI's strategic efforts to build capacity within the Islamic financial services industry (IFSI). It provides participants with practical tools and knowledge to measure and report greenhouse gas (GHG) emissions in alignment with global standards.
Dr. Abdelilah Belatik, Secretary General of CIBAFI, reaffirmed the organization's commitment to advancing sustainability in Islamic finance. He highlighted CIBAFI's alignment with the declaration made by Islamic finance infrastructure organizations at COP28, noting that the GHG measurement tool developed by CIBAFI is a key step in helping Islamic Financial Institutions (IFIs) integrate climate action into their operations. He also pointed to growing regulatory expectations in countries where Islamic finance is practiced, and noted that this workshop aims to support banks in meeting these requirements by enhancing their climate risk management.
Ms. Zainab Al Owainaty, Director of Administration and Finance at CIBAFI, inaugurated the workshop with opening remarks, welcoming participants and highlighting the pivotal role CIBAFI plays in building capacities to meet evolving sustainability expectations. She emphasized CIBAFI's commitment to providing practical solutions that support the implementation of effective climate strategies across the sector, and the importance of collaboration between financial institutions and regulatory bodies to achieve sustainability goals. She noted that CIBAFI continually strives to offer necessary support to the industry through effective training programs aimed at enhancing awareness of sustainability and its application in daily operations.
Following the opening, Mr. Ali Haroon Alaamer, Director of the Capital Markets Supervision Directorate at the Central Bank of Bahrain, delivered a keynote speech highlighting the transformative potential of Islamic finance in addressing climate change. He emphasized the alignment between Islamic finance principles and sustainability, pointing to instruments such as green sukuk, Takaful, and Islamic social finance as powerful tools for climate action. Mr. Alaamer also outlined the CBB's ESG disclosure framework, stressing the importance of regulatory initiatives in advancing environmental stewardship and reinforcing Bahrain's commitment to global sustainability standards.
Senior representatives from Islamic banks, financial institutions, regulatory bodies, and other key stakeholders are participating in the workshop. The programme features interactive sessions on GHG accounting and practical exercises using CIBAFI's GHG emissions measurement tool. It provides a valuable platform for industry professionals to enhance their sustainability reporting capabilities while ensuring alignment with Shariah principles. The workshop is being delivered by Dr. Wael Mohamed Aaminou, Managing Partner at Green for South.
CIBAFI extends its appreciation to the Central Bank of Bahrain for its valuable support and to all speakers and participants contributing to the success of this important initiative.
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