The Islamic Reporting Initiative has been established to lead the creation of a reporting framework for Corporate Sustainability & Social Responsibility based on Islamic values and principles.
The objective of the IRI is to create a local business tool that meets international standards to support organizations in reporting and building meaningful sustainability, CSR and philanthropy programs relevant to the regions and cultures which they serve.
In collaboration with members and partners including the UN Global Compact and the Organisation of Islamic Cooperation (OIC), the IRI will enable businesses worldwide to deliver effectively on the UN Sustainable Development Goals, realize sustainable economic expansion and effectively promote Islamic values and principles globally.
Key deliverables of Islamic Reporting Initiative
The practices that frame sustainability are wholly in line with the values and principles that govern Islam, yet organizational social and environmental transparency is relatively low and incoherent. The IRI is the first reporting standard created specifically to enable Islamic organizations to assess and express the values that guide their organizations with sincerity and humility.
Sustainability is no more than the capacity to endure. Understanding resilience in context of Islamic values, made more challenging by the speed of markets today requires information and guidance. The IRI is a repository of organizational sustainability data and a consulting resource, designed to build education and innovation capacity for executives of Islamic organizations, both directly and indirectly.
The values and principles that guide Islam extend around the world, but there exists little opportunity for dispersed Islamic organizations to connect and cooperate in collective unison. A focus for sustainability, the IRI provides Islamic organizations the ability to share best practices in addressing both opportunities and risks as well as participate in collective advocacy.
The relationship between value and values has become increasingly apparent to financial markets, compelling greater values-based transparency, particularly amongst values-driven societies such as those of Islam. The IRI can enable and support the development of Islamic indices, investment strategies, ETFs and funds that drive investment capital to companies that exhibit social responsibility and sustainability.