Dubai/ PNN /
The Global Ethical Finance Initiative (GEFI) in partnership with Greenpeace Middle East and North Africa (MENA) as part of the Ummah For Earth Alliance, hosted the Islamic Sustainable Finance Masterclass Series. Over the span of three days, around 30 Islamic finance leaders, Shariah scholars, and sustainability professionals attended the event that bridges the gap between Islamic finance principles and climate solutions.
Omar Shaikh, Managing Director of GEFI, said: “The Masterclass helped understanding sustainable finance nuances and the associated commercial and operational implications”.
This practitioner-led program empowered Islamic finance professionals to integrate conventional sustainable finance frameworks within Shariah principles. Shaikh continued: “As leading global advocates for Islamic sustainable finance, we recognize capacity building as crucial for ecosystem growth. By empowering practitioners, we aim to unlock and direct the $4 trillion Islamic finance industry towards sustainable projects that benefit people and the planet alongside profit”.
Through this intensive programme, participants were able to develop practical frameworks for Environmental, Social, and Governance (ESG) integration in Shariah-compliant products and to analyze successful green sukuk implementations from UAE, Malaysia, and Saudi Arabia. Moreover, collaborative working groups were formed to establish a regional network for Islamic sustainable finance.
Tariq Al-Olaimy, Islamic Finance Advisor to the Ummah For Earth Project at Greenpeace MENA, explained: “The EDUCATE framework we have developed as part of the “Islamic Finance and Renewable Energy” report provides Islamic financial institutions with a roadmap for renewable energy financing. By proactively engaging with the sector, developing robust Shariah-aligned sustainability frameworks, utilizing innovative products like green sukuk, building internal capacity, aligning with climate commitments, tracking impact, and exchanging best practices, institutions can effectively contribute to our shared environmental goals”.
The market momentum is clear. The connections and commitments established during the Masterclass will contribute to unlocking the $400B potential for Islamic climate finance by 2030.
Al-Olaimy continued: “The Masterclass is vital for translating these principles into action. With green and sustainability Sukuk issuance reaching over $11 billion in 2024, we are witnessing unprecedented momentum”.
This initiative is a critical component of Greenpeace MENA's Islamic Finance for Earth Campaign following the launch of the “Islamic Finance and Renewable Energy” report last year.
Ghiwa Nakat, Greenpeace MENA’s Executive Director, said: “This masterclass advances Greenpeace MENA and Ummah for Earth's mission to mobilize Islamic finance as a leading force in the renewable energy transition”. On Greenpeace MENA’s commitment to advance the Islamic Finance sector’s renewable energy investments, Nakat clarified: “Addressing the climate crisis requires a comprehensive approach and funding is at the heart of it. With the current climate finance gap, Islamic Finance assets and tools provide ethical financial solutions that align with sustainability. As an organization working in a region with a majority of Muslim population, we understand and push toward the inclusion of faith-actors, including Islamic Finance institutions, in the global climate movement”.
Ummah for Earth is a faith-based climate alliance of 50 organizations and individual allies worldwide. We have been focusing on empowering communities and local environmental initiatives, shedding light on the intersection between Islamic faith and climate action, and encouraging and helping Muslims and others to raise their voices for the well-being of our common home.
Greenpeace Middle East and North Africa (MENA) is an independent environmental organization that was established in 2018 to address the complex and unique environmental and climate challenges facing the MENA region. The organization dedicates its efforts to empowering local communities and working with allies to develop innovative and effective solutions that help individuals live in harmony with the environment. The organization's vision is to preserve the natural wealth and diverse local communities of the region and ensure a decent life for future generations in a world of peace, sustainability, and justice. Greenpeace MENA believes that progress in economic, social, and technological fields can be achieved without negatively impacting nature. It works creatively and collaboratively with partners and advocates to mitigate the impacts of the climate crisis and promote sustainable practices and climate change adaptation.
The world depends on global finance making the right choices to deliver positive change and achieve the UN's Sustainable Development Goals. The Global Ethical Finance Initiative (GEFI) has become the hub at the centre of the ethical finance movement, and the partner for action on ethical finance.
