UNEP FI and RFI Foundation partner in support of greater engagement by Islamic financial institutions on environmental issues

After jointly presenting a session on green and sustainable Islamic finance at the UNEP FI Global Roundtable in Dubai, United Arab Emirates, the Responsible Finance & Investment (RFI) Foundation and the United Nations Environment Program Finance Initiative (UNEP FI) announced their intention to partner on an initiative to provide guidance to help increase the use of environmental considerations by Islamic financial institutions.  

Commenting on the announcement Dr. Zeti Akhtar Aziz, Chairperson of the RFI Foundation Council of Advisors explained: “By collaborating with UNEP FI, the RFI Foundation expects to accelerate the identification of a shared and universal value proposition for responsible finance relating to environmental issues.  Expanding the explicit consideration of environmental sustainability in Islamic finance enhances its ability to support equitable, inclusive and sustainable economic development”

Eric Usher, Head of UNEP FI, commented after the session: “UNEP FI is extremely pleased to announce our plans to collaborate with the RFI Foundation.  These efforts will help expand on UNEP FI’s work to further incorporate environmental issues into financial decision-making in Islamic finance.”

The session, Values to Value: Green & Sustainable Islamic Finance, featured a lively discussion on the role of the financial sector and regulators in facilitating a green and sustainable economy. In addition to Dr. Zeti Akhtar Aziz, the panel featured Mr. Abdulla Al Awar, CEO of the Dubai Islamic Economy Development Centre, Mr. Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, Ms. Nida Raza, Director of Advisory Services at the Islamic Corporation for the Development of the Private Sector and Mr. Omar Selim, CEO of Arabesque Asset Management.