AlHuda CIBE about to launch the Shariah-compliant carbon Credit

Alhuda CIBE participated at UN COP28 for an interfaith dialogue for Environment, Climate Action and Land Restoration

(Dubai, UAE – December 14, 2023): Alhuda Center of Islamic Banking and Economics (Alhuda CIBE) joined prominent religious leaders and representatives at United Nation Nations-28 at the Faith Pavilion for a powerful discussion on "How to mobilize your faith community towards climate change and land restoration."

Sharing the stage with Gurudev Sri Sri Ravi Shankar (The Art of Living), Yukiki Yamada Morovic (World Vision International), Maureen Goodman (Brahma Kumaris), and Georgina Bwango (United Nations Convention to Combat Desertification), and Alhuda CIBE CEO, Muhammad Zubair, highlighted the critical role of faith communities in driving meaningful action on environmental issues. They also emphasized the importance of mobilizing collective action, promoting sustainable practices, and investing in innovative solutions to combat environmental degradation. This gathering serves as a powerful testament to the growing recognition of faith communities in shaping a healthier planet.

The discussion focused on three key messages; Shared Stewardship: Protecting the environment and land is a common thread that unites diverse faiths and religions, creating a powerful foundation for collaboration. Mobilizing for Change: Faith communities hold immense potential to mobilize their members and inspire collective action towards land restoration and preservation on a global scale. And Beyond the Environment: Land restoration is not just about environmental protection; it's about social justice, economic opportunities, and spiritual fulfillment for all.

Mr. Muhammad Zubair, CEO of Alhuda CIBE, highlighted the impact of limited access to Islamic financial products in Muslim countries, contributing to reduced financial inclusion that affects climate change and land restoration efforts. He emphasized the need for greater access to Islamic financial products in Muslim countries, highlighting their impact on financial inclusion and addressing climate change and land restoration challenges. He added that references to Islamic environmental principles can be found in the Quran and Sunnah.

Further, Mr. Muhammad Zubair introduced four Sharia-compliant Islamic financial products – Muzara'ah (A profit-sharing arrangement where a landowner provides the land, and the farmer provides labor and receives a share of the profits.), Musaqah (An agricultural partnership where land is cultivated jointly, and profits are shared based on pre-agreed ratios), Mugharasah (A lease-based model where the landowner leases the land to the farmer for cultivation, and Salam (A forward contract for the purchase of agricultural produce, providing capital to farmers upfront) – specifically designed to support land restoration and environmental sustainability initiatives.

Alhuda CIBE, at the forefront of sustainable financial solutions, is about to introduce Shariah-compliant “Carbon Credits”. This innovative initiative aims to harness the collective support of international communities, channeling funds towards sustainable development. These funds will be strategically invested in Muslim-majority countries, fostering sustainable development projects that not only address environmental concerns but also adhere to Shariah principles, ensuring a harmonious balance between economic growth and ethical considerations. This innovative approach reflects Alhuda CIBE commitment to promoting financial solutions that resonate with the values of the global Muslim community while contributing to a greener, and more sustainable future.

About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com
Call: +971 52 865 5523