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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Biz Bahrain
16 hours ago
- Biz Bahrain
Miknas Affirms Readiness to Strengthen Economic Collaboration Between Bahrain and Lebanon
Akram Miknas, Businessman and Chairman of Promosven, affirmed that the recent official visit of His Excellency General Joseph Aoun, President of the Lebanese Republic to the Kingdom of Bahrain marks a historic turning point in bilateral relations between the two nations. 'The high-level meetings held during the visit, particularly the meeting between His Majesty King Hamad bin Isa Al Khalifa and His Excellency the President, represented a significant milestone in strengthening ties across political, economic, and social spheres. It also stands as the highest-level visit by a Lebanese official in decades.' said Mr. Miknas Mr. Miknas emphasized the readiness of Promosven and the wider Lebanese business community to contribute meaningfully to the activation of economic collaboration between Bahrain and Lebanon by translating signed agreements into tangible projects. 'It is essential to reinstate direct flights between Bahrain and Lebanon, given the critical role such connectivity plays in revitalizing trade, stimulating tourism, and enhancing overall economic exchange. Equally, streamlining visa and residency procedures is fundamental to facilitating the movement of investors and entrepreneurs, thereby enabling the expansion of joint ventures and reinforcing the economic partnership between both nations.' In a related context, Mr. Miknas noted that Lebanon today is in urgent need of support from all its Arab brothers to strengthen its economic and political stability. Bahrain was the first to offer such support, reaffirming Lebanon's rightful place within the Arab fold after a prolonged period of absence and unrest. This noble initiative by Bahrain has the potential to serve as Lebanon's economic gateway to GCC countries, which are distinguished by their diverse and well-established economies, advanced financial and commercial infrastructure, and a supportive environment for investment and business. Highlighting key opportunities for collaboration, Mr. Miknas identified promising avenues for private sector partnerships in areas such as technology, Islamic finance and infrastructure development. Enhancing cooperation with Bahrain, particularly in light of Lebanon's ongoing economic recovery, presents meaningful opportunities, especially by leveraging the expertise of Lebanon's highly skilled professionals in fields such as artificial intelligence and digital innovation. 'The peoples of Bahrain and Lebanon share deep cultural values rooted in openness, tolerance, and hospitality. These qualities have long supported successful economic partnerships and continue to create a welcoming environment for Lebanese entrepreneurs, many of whom have established thriving businesses fully integrated into the fabric of Bahraini society.' Mr. Miknas concluded by reaffirming the vital role of economic diplomacy and private sector engagement in strengthening the long-standing relationship between Bahrain and Lebanon, paving the way for a prosperous and mutually beneficial future.
Daily Tribune
2 days ago
- Daily Tribune
BisB grooms youth for finance sector
Bahrain Islamic Bank (BisB) has concluded its 2025 summer internship programme, offering 21 university students hands-on experience across key departments in the bank. The initiative comes amid growing calls for stronger alignment between academic education and the real-world demands of Islamic banking. The interns received tailored training in retail banking, corporate and institutional banking, operations, IT, finance, and com - pli - ance. BisB said t h e programme was designed to provide 'practical knowledge and skills that are critical to success in today's banking sector.' Talent pipeline support As Bahrain's Islamic finance sector continues to grow, banks are increasingly looking to cultivate homegrown talent. BisB's internship programme is part of a broader effort to bridge the gap between academic knowledge and workplace readiness. Acting Chief Human Resources Officer, Hussain Al Hakim, said the programme highlights BisB's commitment to national workforce detvelopment. 'We aim to prepare the next generation of professionals by giving them real-world experience, not just theoretical exposure,' he said. 'We take pride in developing future leaders who understand the values of Islamic banking and the dynamics of the financial sector.' Beyond the internship BisB has delivered over 35,000 hours of training through its internal development and internship initiatives, reflecting a longterm strategy to build a resilient and well-equipped workforce. The bank also encourages participants to explore roles beyond conventional finance, including compliance, technology, and operations. By nurturing student talent early, BisB hopes to contribute to a future-ready financial ecosystem rooted in Sharia-compliant principles and national priorities.
Daily Tribune
2 days ago
- Daily Tribune
Al Baraka partners with ICIEC to back Islamic trade from Bahrain
TDT | Manama Al Baraka Islamic Bank has signed a key policy agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), in a move expected to boost Shariah-compliant trade financing and mitigate risk for Bahraini exporters and investors. The policy, signed in Bahrain, grants Al Baraka access to ICIEC's insurance tools, including credit and political risk protection. These instruments are designed to support clients engaged in cross-border trade in alignment with Islamic finance principles. Risk-sharing tools ICIEC, a multilateral insurer affiliated with the Islamic Development Bank Group and rated Aa3 by Moody's, provides guarantees for trade and investment in Organisation of Is - lamic Cooperation (OIC) member states. By partnering with ICIEC, Al Baraka gains the ability to extend credit support to businesses with greater confidence. 'This agreement underscores our commitment to sustainable Islamic banking,' said Hamad Abdulla Al Oqab, CEO of Al Baraka Islamic Bank. 'It enhances our ability to offer secure, Shariah-compliant trade finance to our customers.' Private sector push The partnership targets increased access to ICIEC's comprehensive insurance policies that reduce risk exposure for local businesses trading internationally. It also aims to support Bahrain's broader economic diversification goals by making the country more attractive as a base for Islamic trade and finance. The agreement is expected to improve the competitiveness of Bahraini enterprises operating in OIC markets, where ICIEC provides tailored coverage against credit default, political unrest, or unforeseen trade disruptions. Bahrain gateway The bank's leadership highlighted the role of such policies in enabling Bahrain to serve as a safe and credible Islamic banking hub. Al Baraka noted that this is part of its wider strategy to empower local businesses to expand globally without compromising on faith-based financial values. ICIEC and Al Baraka officials expressed mutual optimism about the partnership's impact on the development of the Islamic financial services ecosystem, particularly in trade finance. The collaboration marks a new step in integrating multilateral risk insurance into Islamic banking operations in the Kingdom.
