Manama, Jan.25 (SUNA) – The General Council for Islamic Banks and Financial Institution,s the official umbrella of Islamic financial institutions, successfully held on Tuesday a vertual round- table meeting on: " the evolution mechanism of carbon footprint measurement,".

In a press release, the council stated that the meeting represents a high-level dialogue platform that brought together a selected group of experts in economics, sustainable finance and climate change from a number of Islamic banks and financial institutions, regulatory bodies, and other international organizations.

The press release indicated that the Paris Climate Agreement is an important step that embodies the efforts of the international community in combating the issue of climate change. Today, it reflects the current initiatives in the Islamic financial industry and the close link between the foundations of Islamic economics and issues of sustainability and social responsibility, to achieve net zero carbon emissions by 2050.

The statement noted that as a part of the coucil’s commitment to support Islamic finance, to promote sustainability and responsible business practices, we are currently working on developing a mechanism to measure the carbon footprint in Islamic financial institutions, which takes into account the different environmental and practical characteristics of the institutions.

The round- table meeting of the council witnessed a distinguished presence of representatives of international organizations and economists to enrich the discussion on global initiatives and best practices that can be followed to measure the carbon footprint mission.

The council’s Secretary-General Dr. Abdelilah Belatik, stated the following: “In light of the global challenges and in the capacity of the CIBAFI as a voice of the Islamic financial industry, we have taken today an important initiative to support the society, the environment and the economy by developing a mechanism for measuring the carbon footprint in Islamic banks and financial institutions“.

The council expressed optimism about the outcomes of this meeting, which will contribute to the enrichment and development of the project and thanked the Islamic Development Bank for their cooperation in this initiative and also thanked the council’s Sustainability Working Group for sharing their valuable comments and observations with us.

At the conclusion of the meeting, a set of recommendations were summarized with the aim of including them in the action plan project, including valuable insights and perspectives on developing a mechanism for measuring the carbon footprint of Islamic financial institutions and how to encourage Islamic banks and financial institutions to adopt it.

HE/MO

 

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