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    <lastmod>2025-06-06</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1599178560650-219889VMK300RYLHZJYP/zeti.png</image:loc>
      <image:title>Our People</image:title>
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      <image:title>Our People</image:title>
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      <image:title>Our People</image:title>
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      <image:title>Our People</image:title>
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      <image:title>Our People</image:title>
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      <image:title>Our People</image:title>
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      <image:title>Our People</image:title>
    </image:image>
    <image:image>
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      <image:title>Our People</image:title>
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  </url>
  <url>
    <loc>https://www.rfi-foundation.org/reports</loc>
    <changefreq>daily</changefreq>
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    <lastmod>2024-03-15</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/356a7f6c-b34d-4643-aafc-e338cd28ac5e/Report+Cover.png</image:loc>
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    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1668120007745-W88ATBGO44YV4UDDMS80/bangladesh_rpt.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1668119139454-JFVYU6NXVP0C7ZTXQWQB/saudi_rpt.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1668116770523-1J7H93H7OYINYTBJJ6XB/uae_rpt.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1668116894714-J2N29HVM6FLLLN4CQ9U7/turkey_rpt.png</image:loc>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1613629481075-MQZYIUDAAPAZC405WTBC/Report+cover.png</image:loc>
      <image:title>Reports - February 2021</image:title>
      <image:caption>Understanding Climate Risks in Indonesia’s Financial System By Blake Goud and Eman Tabet This report provides an approximation of the size and location of financed emissions within the financial sector of Indonesia. It will make the case for the issue’s importance, and to highlight some areas of concentration of financed emissions. We also highlight some of the interlinkages within the economy and financial sector that can support banks in particular in using their role as intermediaries to amplify the impact they have as they take steps to mitigate their financed emissions risks.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/5f2f26e3-f9a1-46b9-bb5f-4f727b288f0c/RFI_ESG%2BShariah+cover.png</image:loc>
      <image:title>Reports - December 2021</image:title>
      <image:caption>Integrating ESG and Islamic Asset Management By Blake Goud This report presents a detailed quantitative study based on 20 years of data confirming the value of combining environmental, social and governance (ESG) data with Islamic investment screens. The study, conducted by RFI Foundation and INCEIF – the Global University of Islamic Finance – finds that Islamic screens have not created any systematic performance penalty for investors, and can be complementary to ESG screening practices.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1604294908086-V7GHSW4T2ZS4KC9DUU5N/Cover.png</image:loc>
      <image:title>Reports - November 2020</image:title>
      <image:caption>Identifying the Climate Risks Facing Malaysia’s Financial System By Blake Goud and Eman Tabet The issue of climate change has risen in importance since the coronavirus pandemic demonstrated the unique challenge of responding to systemic issues that have highly correlated impacts across the economy. This report is a contribution to those providing financing to better understand the relevance of climate-related financial risks associated with the greenhouse gas (GHG) emissions they are financing.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1600223283451-QJV2MMIVPLNFI66JHH2X/Ethical+Finance+report.png</image:loc>
      <image:title>Reports - November 2019</image:title>
      <image:caption>Responsible Finance - Ethical and Islamic Finance: Meeting the Global Agenda By Tan Sri Dr. Zeti Akhtar Aziz, Azleena Idris and Yousuf Sultan The devastating impact of the Global Financial Crisis was intensified by the delinking between finance and the economy, and by international financial centres having become a leading source of national income and wealth in their own right. In short, there was too much finance. Responsible finance, by providing models for different forms of finance that explicitly factor in ethics, provides an alternative response. This report highlights the specific characteristics and features that ethical finance and Islamic finance share and those that set them apart.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1600223257534-KHT9QT6ME1OVYX7CXRNO/RFI_RefinitivReport.png</image:loc>
      <image:title>Reports - April 2019</image:title>
      <image:caption>Islamic Finance ESG Outlook 2019: Shared Values ESG scores from Refinitiv’s EIKON database of over 5,000 non-financial companies suggest a direct correlation between Shariah compliance and higher ESG scores. Shariah-compliant companies — to which Islamic financial institutions will direct capital — have ESG scores that are on average 6% higher than for those excluded by the Shariah screening process. Through a separate analysis conducted by the RFI Foundation, we found that the most common risks across the 11 markets with the largest Islamic finance industries are emissions to air &amp; water, the management of waste and the effects of site contamination, as well as workplace safety &amp; health. These risks are particularly prevalent for Islamic banks that are financing utilities, manufacturing, healthcare, mining/oil &amp; gas, and primary agriculture. As these Islamic banks improve their ESG risk management, it will not only benefit the bottom line, but will allow the bank to stand out from its peers and discover new business opportunities.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/5f22631adf9fc97d4730055d/1600222874909-PC7GUMFGJ1N0P3QCD0SW/report-cover.png</image:loc>
      <image:title>Reports - April 2018</image:title>
      <image:caption>Environmental Impact in Islamic Finance By Tawfique Al-Mubarak and Blake Goud Several research studies have shown that integration of environmental, social and corporate governance (ESG) in businesses is not just profitable, but it is vital for protecting companies’ social license to operate and ensure their financial sustainability over the long-term. Despite the progress of responsible finance across global markets, its presence in the Islamic finance industry has not developed as rapidly. This report captures the current state of practice of Islamic finance around environmental &amp; social issues and discusses key opportunities for Islamic finance to shift its values-based orientation towards a greater focus on environmental and social impact. In addition to the primary data we gathered from Islamic financial institutions, this report includes a comprehensive overview of some key recent developments in responsible finance practices from the Muslim world and by major Islamic financial institutions.</image:caption>
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    <loc>https://www.rfi-foundation.org/privacy</loc>
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    <lastmod>2024-03-14</lastmod>
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    <loc>https://www.rfi-foundation.org/ethical-and-islamic-finance</loc>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Ethical and Islamic Finance Meeting the Global Agenda</image:title>
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    <loc>https://www.rfi-foundation.org/environmental-impact-in-islamic-finance</loc>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Environmental Impact in Islamic Finance</image:title>
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    <loc>https://www.rfi-foundation.org/climate-risks-financial-system-malaysia</loc>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Identifying the Climate Risks Facing Malaysia's Financial System</image:title>
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    <loc>https://www.rfi-foundation.org/climate-risks-financial-system-indonesia</loc>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Understanding Climate Risks in Indonesia's Financial System</image:title>
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    <lastmod>2024-03-16</lastmod>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Integrating ESG &amp; Islamic Asset Management</image:title>
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    <lastmod>2021-12-01</lastmod>
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      <image:title>Integrating ESG &amp; Islamic Asset Management - Download</image:title>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Identifying Climate Risks in Turkey's Financial System</image:title>
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    <loc>https://www.rfi-foundation.org/understanding-climate-risks-in-the-uae-financial-system</loc>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Understanding Climate Risks in the Financial System of the United Arab Emirates</image:title>
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    <loc>https://www.rfi-foundation.org/identifying-financed-emissions-links-in-saudi-arabia</loc>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Identifying the Financed Emissions Links in Saudi Arabia's Financial System</image:title>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Identifying Financed Emissions Risks in Bangladesh's Financial Sector</image:title>
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    <lastmod>2024-03-15</lastmod>
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      <image:title>Report on the RFI Insights Financed Emissions Database</image:title>
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    <lastmod>2023-11-06</lastmod>
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