28 November 2023, Abu Dhabi, United Arab Emirates – The Islamic Financial Services Board (IFSB), successfully concluded the High-level Global Forum on Sustainability-related Risks, Opportunities, and Policy Initiatives in Abu Dhabi on Monday, hosted by the Central Bank of the United Arab Emirates (CBUAE). Preceding the United Nations Climate Change Conference 2023 (COP 28), the event convened regulatory representatives and leaders from the global financial community including Islamic finance, in a resolute commitment to coordinate international regulatory and policy initiatives to effectively address sustainability and climate-related risks and opportunities.
In his welcoming remarks, H.E. Ebrahim Alzaabi, Assistant Governor of Monetary Policy and Financial Stability at the CBUAE said: “In light of the urgent need to address climate change and achieve sustainable development, the global financial services industry plays an instrumental role. This underscores the necessity for resilient and progressive regulatory and policy initiatives in line with global sustainability goals and benchmarks”.
Dr. Bello Lawal Danbatta, Secretary-General of the IFSB further highlighted the pivotal role of regulators and policymakers in shaping the future of global Islamic finance, “As the global impact of climate change become increasingly prominent, we acknowledge the looming risks and substantial challenges that call for the establishment of robust regulatory and policy frameworks that address climate-related financial risks and sustainability-related issues and opportunities,”
He added, “IFSB is honoured to provide a platform such as this High-level Global Forum, dedicated to inspiring deeper discussions among key stakeholders on closing the gaps and shaping the essential regulatory foundations for the global financial services industry. Our commitment lies in fostering a unified approach to building frameworks and guiding policies that align with a sustainable future.”
Held at the Ritz Carlton Al-Qanah and attended by over 100 international delegates, the forum brought together participants from international standard-setting bodies, regulatory and supervisory authorities, policymakers and the global financial services industry.
The agenda comprised four curated panel sessions covering topics such as the global standard-setting agenda for climate-related finance, regulatory and supervisory developments addressing sustainability risks and opportunities, innovative sustainable finance solutions in Islamic finance, and the path towards a sustainable Islamic finance roadmap.
The event brought together global standard-setting bodies including the IFSB, the Financial Stability Board (FSB), the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), International Financial Reporting Standards (IFRS) Foundation, and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Other notable speakers included senior representatives from the CBUAE, International Monetary Fund (IMF), UNDP-Istanbul International Centre for Private Sector in Development (IICPSD), the International Islamic Liquidity Management Corporation (IILM), First Abu Dhabi Bank and Ajman University Centre for Excellence in Islamic Finance (AU-CEIF).
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