Abu Dhabi, UAE | The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global body of Islamic finance, is delighted to announce the adoption of a comprehensive roadmap for Islamic Sustainability. This roadmap was developed in collaboration with the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with coordination from the Central Bank of the UAE. The adoption ceremony took place at the headquarters of Central Bank of the UAE.

In alignment with COP28, this roadmap underscores CIBAFI's commitment, alongside other key infrastructure organizations, to enhance the role of the Islamic financial services industry in promoting sustainability and addressing global climate-related risks. The roadmap comprises initiatives and projects by these three organizations aimed at guiding the industry towards sustainable development.

Dr. Abdelilah Belatik, Secretary General of CIBAFI, emphasized the importance of this initiative, stating, "Our commitment to sustainability has been ongoing for several years. This initiative, announced in conjunction with COP28 in the UAE, marks a significant step in normalising the role of Islamic finance in promoting sustainability. This collaboration would not have been possible without the coordination and support from the Central Bank of the UAE."

The signing of the declaration by the secretaries general of the three organizations was witnessed by H.E Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and senior officials from COP28.

H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “This declaration issued by the Islamic Finance Infrastructure Organisations tends to foster Islamic sustainable finance globally, as it sets clear roadmap and objectives to support Islamic finance industry to integrate further sustainability considerations in their businesses and activities.  The CBUAE is pleased to have supported in the success of these discussions as part of its commitment to promoting sustainability and in keeping with the UAE’s vision of becoming an Islamic finance hub.”

The Islamic Finance Infrastructure Organizations' Declaration on the Roadmap for Islamic Sustainable Finance is a landmark, fostering collaboration among key players. This empowers the Islamic finance industry to contribute significantly to global sustainability goals.

About CIBAFI: 

The General Council for Islamic Banks and Financial Institutions is an international non-profit organization founded in 2001 by the Islamic Development Bank (IDB) and a number of leading Islamic financial institutions. It is an affiliated organ to the Organisation of Islamic Cooperation (OIC). With over 130 members from more than 34 jurisdictions all around the world, CIBAFI is recognized as a key piece in the international architecture of Islamic finance. Its mission is to support the Islamic financial services industry by providing specific activities and initiatives, aiming to strengthening the growth of the industry, deepening Shariah objectives in financial dealings and transactions, and facilitate cooperation between members and institutions of common interest. CIBAFI office is located at Jeera III, 7th Floor, Office 71, Building 657, Road 2811, Block 428, Manama, Kingdom of Bahrain. 

For more information on CIBAFI, please contact: 

CIBAFI Secretariat at Phone: +973 17357302, email: media@cibafi.org.

About the CBUAE

The CBUAE is the supervisory and regulatory authority of the banking and insurance sector.

The CBUAE promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people.