2023-11-30 11:00:35
The Central Bank of the United Arab Emirates and the Supreme Sharia Authority issued guidelines on sustainable Islamic finance, aiming to motivate and encourage Islamic financial institutions to enhance sustainability in their activities and operations according to a vision that takes into account environmental and social aspects.
The issuance of these guidelines coincides with the UAE’s hosting of the Conference of the Parties (COP28), which highlights sustainability practices, to support collective action in confronting challenges related to sustainability.
The guiding principles included ten directives for Islamic financial institutions in order to establish sustainability and activate it properly, through clear strategies and plans in this regard.
The guiding principles also laid out the Sharia foundations for strengthening the approach to decision-making by following Sharia rules, especially those related to sustainability, in addition to developing financial products capable of positively influencing and interacting with environmental and social variables and transformations.
Khaled Mohammed Al-Amaa, Governor of the UAE Central Bank, said: “Islamic financial institutions play an essential role in advancing cooperation and participation efforts in enhancing sustainability practices in the financial sector in the UAE, in line with the vision of the wise leadership towards building a more sustainable future, and enhancing the position of Islamic finance as a financial sector.” Sustainable is a pioneer in the UAE due to the solidity of Sharia rules and provisions and its ability to accommodate sustainability standards.”
The head of the Supreme Sharia Authority, Dr. Ahmed Abdel Aziz Al-Haddad, said: “Islamic financial institutions are doing clear and evident work in their societal contributions, and the Supreme Sharia Authority is looking forward to a greater role in the field of sustainable financing and devoting its capabilities and expertise to these trends, as they achieve the Sharia objectives and the desired purpose.”
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