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IFSB & CBUAE High-level Global Forum to Focus on Sustainability-related Risks, Opportunities and Policy Initiatives

Date posted: 15 November 2023

15 November 2023, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is delighted to announce its upcoming High-level Global Forum on Sustainability-related Risks, Opportunities and Policy Initiatives, to be hosted by the Central Bank of the United Arab Emirates (CBUAE) in Abu Dhabi.

Scheduled for 27 November 2023 ahead of the United Nations Climate Change Conference 2023 (COP 28), this forum aims to play a pivotal role in shaping the regulatory and policy landscape for Islamic finance in response to climate-related objectives. The event will address the necessity for standard-setting initiatives within the Islamic Financial Services Industry (IFSI), explore emerging opportunities, and showcase innovative strategies to promote sustainable finance.

Dr Bello Lawal Danbatta, Secretary General of IFSB said, "The strategic significance of the Islamic finance industry in advancing the sustainability and climate change agenda was acknowledged by the Islamic Declaration on Global Climate Change in 2015. Despite the inherent potential of Islamic finance to lead the industry towards a green and inclusive finance agenda, practical implementation has been slow in light of the more progressive principles of environmental, social, and governance (ESG) in the global economy. We welcome this opportunity for the industry to convene and address these issues though a collective effort."

CBUAE's decision to host the Global Sustainability Forum aligns perfectly with the region's commendable progress towards meeting the international Sustainable Development Goals (SDGs), supported by the local governments' mandatory corporate social responsibility disclosure program.

With deepening climate crisis, the Islamic Finance Services Industry (IFSI) must urgently innovate its approach to support the achievement of the climate agenda and Sustainable Development Goals (SDGs). This necessitates increased efforts from IFSI stakeholders, regulators, and countries championing Islamic finance to enhance governance standards in alignment with global climate action benchmarks.

Hosted at the Ritz Carlton Al-Qanah, the forum will also concentrate on fostering a more pragmatic approach within the IFSI community. The goal is to develop unified regulatory frameworks, legal documentation, and reporting guidelines for climate or sustainability impacts. With over 100 delegates expected to attend from central banks, international standard-setting bodies, policymakers, industry players, and the global finance community, the forum promises to be a key platform for advancing sustainable practices within the Islamic finance sector. Registration is open at https://bit.ly/GSFAD23. For more updates on IFSB events, visit www.ifsb.org and follow us on LinkedIn, Facebook and X. For enquiries including registration and speaking opportunities, contact the secretariat at [email protected].


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