Manama (UNA-OIC) – The Union of OIC News Agencies (UNA) participated in the kick-off meeting of the Sustainability Working Group (SWG), held virtually by the General Council for Islamic Banks and Financial Institutions (CIBAFI), an affiliate of the Organization of Islamic Cooperation based in Bahrain’s capital Manama.
The Union’s participation in the meeting as an observer member came at the invitation of the CIBAFI General Secretariat within the framework of joint cooperation between the two institutions, which operate under the umbrella of the OIC.
At the outset of the meeting, CIBAFI Secretary General Dr. Abdelilah Belatik welcomed the members of the Council and the invited guests. Then, he highlighted the Council’s achievements and the activities of the Islamic banks and financial institutions.
During the meeting, the Union’s representative conveyed the greetings of UNA Acting Director-General Ahmed bin Abdullah Al-Qarni to the CIBAFI chief, as well as to the Council members and participants. He also commended the joint cooperation between the two institutions in serving Islamic issues.
Discussions during the meeting focused on two projects, (1) Sustainability Guide for the Islamic banking industry and (2) Carbon Footprint Measurement Methodology for Islamic financial institutions as a starting point.
The prime objective of the Sustainability Guide is to augment the social and environmental responsibilities and governance principles of Islamic financial institutions (IFIs). While the Carbon Footprint Measurement Methodology aims to help IFIs in identifying to what extent their financing is responsible for GHG emissions, which is considered the primary reason behind the climate change issue.
The meeting also witnessed an experience sharing session from experts in the area of sustainability and the launch of CIBAFI 13th Briefing on “Climate Change and its Implications for the Financial Industry”.