Islamic Finance

RFI Foundation endorses the global Principles for Responsible Banking

London, United Kingdom, 19 June 2019 The RFI Foundation has endorsed the Principles for Responsible Banking – a single framework for a sustainable banking industry developed through an innovative partnership between banks worldwide and United Nations Environment’s Finance Initiative.  

The Principles for Responsible Banking set out the banking industry’s role and responsibility in shaping a sustainable future and in aligning the banking sector with the objectives of the UN Sustainable Development Goals and the 2015 Paris Climate Agreement. They also, importantly, enable banks to embed sustainability across all business areas, and to identity where they have the potential to make the most impact in their contributions to a sustainable world.

The Principles for Responsible Banking will be officially launched on 22 September during the United Nations General Assembly in the presence of United Nations Secretary-General and more than 30 bank CEOs.

Blake Goud, CEO of the RFI Foundation said: “We are excited to endorse the UNEP FI Principles for Responsible Banking because we believe that the objective of Islamic finance and its stakeholders are closely aligned with the objectives of the Principles for Responsible Banking.  These shared values provide a foundation for Islamic banks to manage both the positive and negative impacts of their activities. The RFI Foundation’s mission is to promote convergence in responsible finance around these shared values by creating partnerships that allow banks and other financial institutions to deliver more than they could by working on their own.”

About RFI Foundation

The RFI Foundation is a non-profit organisation with a mission to identify a neutral, nonpartisan and universal value proposition that encourages convergence of responsible finance practices. RFI evolves Sustainable, Responsible, Impact Investing (SRI), Environmental, Social and Governance (ESG) and the Islamic finance sectors towards a convergence of their shared standards, and engages stakeholders to build the responsible finance industry as a catalyst to support equitable, inclusive and sustainable economic development.

The RFI Foundation works in consultation with our members to enhance and institutionalise the linkages between Islamic finance and other forms of responsible finance including:

  • Connecting members with resources to support their responsible finance awareness;
  • Consulting with members on their own responsible finance journeys; and,
  • Creating new research, tools and other resources to support our members and influence the direction of the entire responsible finance market.

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The United Nations Environment Finance Initiative (UNEP FI) is a partnership between United Nations Environment and the global financial sector created in the wake of the 1992 Earth Summit with a mission to promote sustainable finance.

UNEP FI currently has more than 220 member institutions – banks, insurers and investors – from over 60 countries. UNEP FI’s Banking Programme relies on and assists a strong international banking network of over 120 leading banks across the world.

The UNEP FI Principles for Responsible Banking

Currently endorsed by more than 100 financial institutions around the globe, including 60+ banks representing more than US$ 25 trillion in assets, Principles for Responsible serve as the framework for today’s new banking system that both leverages and drives sustainable development.

They were developed jointly by United Nations Environment’s Finance Initiative (UNEP FI) together with 28 leading banks from around the world.



Responsible Finance