Values to Value: Green and Sustainable Islamic Finance

Video

Plenary 2

presented in collaboration with the RFI Foundation 

Islamic markets (markets with Muslim majority populations) produce nearly $7 trillion in GDP and are home to more than 1.6 billion people. Shari’ah-compliant assets were $2.0 trillion at the end of 2015 and expected to exceed $3 trillion by 2020. During the 40 years since modern Islamic finance began, much effort has focused on providing ways for financial institutions to serve their customers in compliance with Islamic precepts regarding interest, excessive uncertainty and avoidance of prohibited business areas. Although most Islamic financial institutions have not integrated environmental impact and other sustainability issues into their financial decision-making process, they face a growing push by many stakeholders, particularly younger consumers, to broaden the focus beyond exclusionary screening.

Adding a focus on sustainability, across environmental, social and governance considerations, these stakeholders say, is not just compliant with Islamic principles but is an important extension to fully meet the wider social goals of Shari’ah. This session will highlight areas where Islamic Finance principles most closely align with wider concepts of sustainability and introduce several examples of green and sustainable Islamic Finance practices that align with and can become an added tool for all responsible finance institutions.

Moderator

hugh-wheelan Hugh Wheelan
Co-founder, Response Global Media
Managing Editor, Responsible Investor
Managing Editor, ESG Magazine, United Kingdom

Speakers

Khaled Mohammed Al-Aboodi
Chief Executive Officer, General Manager and Director
Islamic Corporation for the Development of the Private Sector, Saudi Arabia
Abdulla Mohammed Al Awar
Chief Executive Officer, Dubai Islamic Economy Development Centre, United Arab Emirates
Dr. Zeti Akhtar Aziz Photo Zeti Akhtar Aziz
Former Governor, Bank Negara Malaysia, Malaysia
Tirad Mahmoud Tirad Al-Mahmoud
Chief Executive Officer, Abu Dhabi Islamic Bank, United Arab Emirates
Omar Selim
Chief Executive Officer, Arabesque, United Kingdom