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CBUAE reinforces its commitment to sustainable finance and climate action

He Central Bank of the United Arab Emirates following Organized several events with Islamic financial infrastructure organizations dedicated to sustainable Islamic finance.

The events, which took place in Abu Dhabi on November 27 and 28, 2023, are part of CBUAE efforts to promote sustainable finance and accelerate initiatives that address the challenges of climate change.

Events included the Global Forum organized by the Islamic Financial Services Board (IFSB) which discussed risks, opportunities and policy initiatives related to sustainability. The General Council of Islamic Banks and Financial Institutions (CIBAFI) also held a roundtable focused on promoting sustainable practices and climate action within Islamic finance. The Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI) also held a roundtable that emphasized the integration of Islamic Shari’ah objectives and sustainability principles in the Shari’ah decision-making process .

Among the participants in the events were officials, experts and specialists from international organizations, financial institutions and Islamic financial organizations. officials of CBUAE as well as representatives of banking, financial and insurance entities that operate in the country. Its objective was to support and promote sustainable Islamic finance and, at the same time, expand the reach of sustainable finance globally, aligning with the sustainable development goals.

In his opening speech, Ebrahim Obaid Al Zaabi, Deputy Governor of Monetary Policy and Financial Stability of the CBUAE, emphasized the UAE’s dedication to addressing the challenges posed by climate change, integrating sustainability into the broader financial system and promoting global sustainable development. Al Zaabi saying,

“We greatly appreciate the partnerships and collaborative efforts with our counterparts to deliver concrete, impactful solutions that drive climate action and accelerate the realization of sustainable financing efforts around the world.”

Following the conclusion of the events, Islamic financial infrastructure organizations reaffirmed their dedication to cultivating sustainable finances by following global sustainability benchmarks. They also committed to contributing to the advancement of the sustainable development goals.

News source: Emirates News Agency

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