CBUAE Reinforces Commitment to Sustainable Finance and Climate Action

The Central Bank of the United Arab Emirates following hosted several events with Islamic finance infrastructure organisations dedicated to sustainable Islamic finance.

The events, which took place in Abu Dhabi on 27th and 28th November 2023, are part of CBUAE’s efforts to promote sustainable finance and expedite initiatives tackling climate change challenges.

The events included the Global Forum organised 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 Organisation for Islamic Financial Institutions (AAOIFI) which emphasised 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 organisations, 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.

In his opening speech, Ebrahim Obaid Al Zaabi, Assistant Governor of the Monetary Policy and Financial Stability at CBUAE, emphasised 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 realisation of sustainable financing endeavours worldwide.”

Following the conclusion of the events, the Islamic finance infrastructure organisations reaffirmed their dedication to cultivating sustainable finance following global sustainability benchmarks. They also pledged to contribute to the advancement of sustainable development goals.

News Source: Emirates News Agency