9th CIBAFI Sustainability Working Group (SWG) and Roundtable Meeting Hosted by TKBB

The 9th CIBAFI Sustainability Working Group (SWG) Meeting and the Roundtable Meeting titled "Advancing Climate Resilience: GHG Emissions Measurement in Islamic Banking and Finance," hosted by the Participation Banks Association of Türkiye (TKBB), took place on October 11, 2023, in a hybrid format, featuring experts in the field. Approximately 12 countries participated in this event. The program began with opening speeches by Dr. Abdelilah Belatik, the Secretary-General of CIBAFI, and Fatma Çınar, the Director of the Participation Banks Association of Türkiye (TKBB)

Event Corner 12.10.2023, 18:56 12.10.2023, 19:33
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9th CIBAFI Sustainability Working Group (SWG) and Roundtable Meeting Hosted by TKBB

Fatma ÇINAR, the Director of the Participation Banks Association of Türkiye (TKBB), emphasized the importance of such programs in contributing significantly to the interaction within the Islamic finance ecosystem by discussing the current issues and efforts related to sustainability in Islamic financial institutions. She also highlighted the importance of maintaining a continuous dialogue and active contact with international stakeholders through TKBB and CIBAFI collaboration. She mentioned, "As a CIBAFI member, we have a long-standing dialogue with CIBAFI and actively contribute to the organization's capacity-building activities, as well as research projects like 'Sustainability Standards and Principles in the Islamic Finance Context' and the 'Annual Global Islamic Bankers Survey (GIBS)."

Çınar further pointed out that TKBB is a member of CIBAFI's Innovation and Technology Working Group (ITWG), where Turkish participation banks share their experiences to contribute to ITWG's activities. She emphasized that principles like "Islamic Finance Principle," "Social Benefit Principle," "Mutuality/Partnership Principle," "Full Service Principle," and "Trade Principle" included in TKBB’s "Basic Banking Principles" align closely with the core values of Islamic banks with social and environmental development.

Çınar stated, "As the participation banking sector in Turkiye, we aim to increase our market share to 15% by 2025, expand our range of products with sustainable financing activities, target a broader customer base, and enhance trust, recognition, and reputation in society. The support for sustainable development in the participation banking sector in Turkiye is in harmony with the core values of participation banks."

She also mentioned that as the umbrella organization for participation banks, they closely monitor global developments in sustainable finance. "This year, we will participate in COP 28 and be part of the finance session titled 'Convergence of Faith-Based Investment and Impact Investing with Sustainable Development Goals (SDGs).' We are making efforts to provide guiding contributions in this field and emphasize sustainability through the fundamental principles and values of participation finance. In this context, steps are being taken among our member participation banks to internalize sustainability and transform it into a governance and financing approach. Green and sustainable sukuk issuances by participation banks stand out among these steps."

The program concluded with mutual expressions of gratitude and hopes for continued active dialogue between the two institutions.

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