Samaher Saif Al Yazal – Photography by Suhail
Al -Amer: Agree between the principles of Islamic financing and the goals of sustainability
Zainab Al -Owainati: Enhancing the digital transformation of banks and financial institutions
Shanar: Bahrain is a pioneer in the field of green economy
The Secretary -General of the General Council of Islamic Banks and Financial Institutions, Dr. Abd al -Ilah Balatik, stressed the commitment of the General Council to enhance sustainability in the Islamic finance sector, and he explained that this initiative comes within the framework of the Islamic Financial Sustainability Document, issued by infrastructure organizations during the activities of the Conference of the Parties “COP 28”.
This came during the launch of a technical workshop entitled “Promoting climate work in Islamic finance: practical visions on measuring greenhouse gases and preparing reports on them”, where Balatik pointed out that the tool of measuring greenhouse gas emissions developed by the General Council represents a pre -emptive step towards supporting Islamic financial institutions in integrating climate work within its operations.
He stressed that this workshop contributes to supporting Islamic financial banks and institutions to comply with these requirements by enhancing their readiness to manage climate risk, noting the role of the Central Bank of Bahrain in supporting this type of important initiative.
The Director of the Financial Markets Control Department at the Bahrain Central Bank, Ali Al -Amer, pointed out the transformative capabilities of Islamic financing in the face of the challenges of climate change, explaining that there is a consensus between the principles of Islamic finance and the goals of sustainability, pointing to the effective tools that can be employed in climate work such as green instruments, solidarity, and Islamic social financing.
He also reviewed the framework of environmental and social disclosure and governance launched by the Central Bank of Bahrain, stressing the importance of organizational initiatives in promoting environmental responsibility and consolidating the Kingdom of Bahrain’s commitment to global sustainability standards.
For its part, the Director of Financial and Administrative Affairs of the General Council of Banks and Islamic Financial Institutions, Zainab Al -Owainati, affirmed that the General Council pays special attention to sustainability in all fields, through many activities and initiatives, the most important of which is the sustainability guide that encourages Islamic financial banks and institutions to adopt and integrate sustainability practices in operational operations and financial transactions.
She added that the General Council seeks to enhance the digital transformation of banks and financial institutions through a number of research and guidelines, in addition to professional development development initiatives, enabling the human component to manage this important transformation, and managing sustainable development within institutions.
She indicated that there is an increasing interest in sustainability, and this workshop was devoted to providing participants from Islamic banks and financial institutions with practical skills and flexible strategies of how to measure carbon fingerprint resulting from their operational operations, and reporting them within international standards, which promotes work in climate change and sustainability issues.
Al -Owainati highlighted, during its opening speech in the workshop organized by the General Council of Islamic Banks and Financial Institutions in cooperation with the Central Bank of Bahrain, on the pivotal role that the General Council plays in building capacity to keep pace with the aspirations of the growing sustainability, stressing the commitment to providing practical solutions that support the implementation of effective climatic strategies at the sector level, and stresses the importance of cooperation between financial institutions and organizational authorities to achieve goals Sustainability.
While the CEO of the Syrian advice company Youssef Shanar stressed that Bahrain is considered the capital of the economy, and that all global attention is directed towards Bahrain, especially since Islamic banks in Bahrain are considered a leader in its field, indicating that the workshop is a strategic and basic link in building financial institutions and building the economy, on the Bahrain scale, and on the global scale as well.
He said that there is an increasing interest by institutions in the green economy, or the environmental economy to preserve it, as there is a global trend in this framework, indicating that Bahrain is considered one of the leading countries in this field, through its initiatives in building a green economy with all regulations and institutions.
The workshop came in response to the increasing and urgent need to meet the challenges of climate change and the promotion of sustainability, which is part of the strategic efforts made by the General Council for Capacity Building in the Islamic Financial Services Sector. The workshop aims to provide participants with practical skills and flexible strategies to implement the methodology of measuring greenhouse gases and preparing reports on them, in line with international standards.
The workshop witnessed a wide participation of Islamic banks and financial institutions, representatives of organizational bodies, regulatory authorities, and stakeholders. The program includes interactive sessions on measuring greenhouse gas emissions, as well as practical applications using the measurement tool developed by the General Council.
This workshop is an opportunity to enhance the capabilities of participants in preparing sustainability reports in line with the principles of Islamic Sharia. The workshop was presented by Dr. Wael Amino, partner and director of “Green for South”.
The General Council expressed its sincere thanks and appreciation to the Central Bank of Bahrain for its valuable support, and to all speakers and participants who contributed to the success of this important initiative.
