IRI introduces People, Planet, Profit, Purpose at WIEF Islamic Reporting Initiative (IRI) Advisory Council Member Abdullah Hidayat introduced the importance of People Planet Profit Purpose as a panellist during the recent World Islamic Economic Forum in Kuching, Malaysia.
Hidayat: “While the ‘3Ps’ of sustainability* are now widely understood, it is also important to recognize the importance – and the great potential – of a fourth ‘P’: Purpose. Especially in the Islamic world, where our faith truly constitutes our way of life, and the way we conduct business, we strongly believe this should be given greater influence. The Islamic Reporting Initiative, the world’s first values-based reporting standard for sustainability, is built on this very premise.”
Sustainability was a core theme of the 13th World Islamic Economic Forum, as raised by Malaysia’s Prime Minister Datuk Seri Najib Razak in his opening speech. The Prime Minister called for stronger intergovernmental cooperation for sustainable development worldwide.
The Chairman of the World Islamic Economic Forum, Tun Musa Hitam, praised the decision by Malaysia and Indonesia to increase collaborative efforts on the protection of regional endangered species such as the Sumatran rhino and the orang utan. The issue found support with more than 3,000 delegates from 77 countries who attended the event.
Earlier this week, the IRI welcomed its latest member from Malaysia to the IRI Advisory Council, Datuk Darrel Webber, CEO of the Roundtable for Sustainable Palm Oil (RSPO). Datuk Webber said on his appointment:
“The Islamic Reporting Initiative is an excellent initiative that could effectively showcase the efforts of the Islamic corporate world towards greater sustainability. It’s my own hope that this initiative will further drive corporates from the Islamic world to contribute significantly in making this a more sustainable world. I hope the experience that I have gained, in both the corporate and the sustainability sector, will make a small contribution towards this end.”
Speakers at the 13th World Islamic Economic Forum included the Prime Minister of Malaysia, the Chief Minister of Sarawak, the President of the Republic of Tatarstan, the President of the Republic of Seychelles, the President of the Union of Comoros and President of the Islamic Development Bank, and Apple Co-Founder Steve Wozniak.
*People, Planet, Profit
About the Islamic Reporting Initiative
The Islamic Reporting Initiative is an independent not-for-profit organization leading the creation of the world’s first reporting standard for Sustainability and Corporate Social Responsibility (CSR) across all business sectors – based on Islamic values and principles.
By making Sustainability and CSR culturally relevant, the IRI aspires to effectively accelerate the uptake of Sustainability and CSR and systemically advance the implementation of the United Nations Sustainable Development Goals (Global Goals) through nearly a quarter of the world’s population with custodianship for vast reserves of natural resources.
Founded in 2015, the award-winning Islamic Reporting Initiative has been commended by the UN Global Compact Foundation (of which the IRI is a signatory member), the Organisation of Islamic Cooperation (OIC), and members in more than 50 countries. Earlier this month the IRI Reporting Standard was officially recognized by the World Business Council for Sustainable Development (WBCSD) in Geneva.
About the World Islamic Economic Forum (WIEF) Foundation
The WIEF Foundation is the organising body of the Annual World Islamic Economic Forum (WIEF), which comprises a board of trustees supported by an international advisory panel and a permanent secretariat based in Kuala Lumpur. The Foundation undertakes various other capacity-building programmes including the Businesswomen Network (WBN), the Young Leaders Network (WYN), the Education Trust (WET) and the Roundtable Series.