A new framework for CSR reporting is building momentum, with members in more than 20 countries.
The Islamic Reporting Initiative (IRI), a not-for-profit organization headquartered in the UAE, offers an alternative method of reporting on Corporate Sustainability & Social Responsibility (CSR). Building on the strengths of existing local principles and values, the IRI aspires to make the concept and reporting process more meaningful, relevant and effective in generating responsible progress.
The IRI has members in Australia, Bahrain, Bangladesh, Germany, Ghana, India, Indonesia, Jordan, Kazakhstan, Lebanon, Morocco, Oman, Pakistan, Palestine, Qatar, Romania, Saudi Arabia, Sri Lanka, Turkey, United Arab Emirates and United Kingdom. Members represent governmental and corporate bodies across sectors, including healthcare, environment, finance and social enterprise.
Jordan’s Minister of Environment, H.E. Dr. Taher Shakhshir, recently became an IRI Advisory Board Member, and says: “With the IRI’s mission to support businesses in the application of, and reporting on, culturally-relevant sustainability measures, it represents an excellent opportunity […] to contribute to the practical implementation of the nations’ green vision from the bottom-up. […] The IRI represents a tool which will encourage and facilitate best practice to achieve this and more”.
In the further development of the business tool, the IRI is actively engaging with experts and practitioners from the private sector, government and not-for-profit sectors. Recently, the IRI formed a partnership with the London-based Social Stock Exchange; the world’s first platform to showcase publicly listed social impact businesses, which has a market capitalization of more than GDP 1bn.
Drs Daan Elffers, Chairman of the Advisory Council and the Chairman of recent CSR summits in Dubai, Saudi Arabia and Qatar, said: “The level of impact the IRI can achieve will be defined by the scope of our partners and so it is about leveraging the power of partnerships. We are therefore delighted to see such a rapid response, in such a short period of time, from organizations all over the world – who all find the IRI relevant and applicable in their different local contexts. It really emphasizes the unity between our members, and the scale of the impact this initiative can have.”