Launched earlier this year, the Islamic Reporting Initiative (IRI) has rapidly gained momentum and support from organizations all over the world. “The IRI is aiming to create the first, mainstream reporting standard for Corporate Sustainability and Social Responsibility (CSR) based on Islamic principles and will enable organizations to inclusively assess, report, verify and certify their CSR programs” – Drs Daan Elffers, Chairman of the IRI Advisory Council.

Drs Daan Elffers

Introductory video:

With Arabic subtitles https://youtu.be/A5pUFdE7gWk

The IRI, a not-for-profit organization, has the potential to be of immediate benefit to organizations in over 50 countries, being of particular relevance to members of the Organization of Islamic Cooperation (OIC). Already, the IRI has partners from 18 countries across the Middle East, Asia and Europe, representing business sectors including healthcare, finance, education and environment. Such multi-sector collaboration will bring to the IRI extensive industry-specific expertise, and ensure thorough and appropriate inclusion of culturally-specific elements, such as Sharia, Zakat, and other organizational codes of conduct.

The IRI is in response to research confirming that companies are finding the current, broad tools for CSR application to not always be as practical or relevant in a local context, which may stifle uptake and innovation. The IRI is an alternative and effective solution to this challenge, able to recognize and engage with the nuances of the local culture, while still working towards international standards of best practice, through an integrated approach.

The latest organizations in the MENA region to partner with the IRI include; the International Medical Centre and Glowork in Saudi Arabia, Jerusalem Pharmaceuticals, a leading publicly listed company in Palestine, and the Middle East University in Jordan. Outside the MENA, the IRI has recently partnered with the Social Stock Exchange (SSX) in London, the first platform of its kind in the world to serve as a marketplace for publicly listed social impact businesses. With London already an important centre for Islamic finance, the strategic partnership between London-based SSX and the IRI is a valuable prospect for responsible businesses worldwide.

Elffers, Chairman of recent year’s CSR Summits in Saudi Arabia and Qatar, and a Judge on the 2015 CSR Excellence Awards in Dubai, said: “CSR reporting is moving into a new phase; no longer a side-line activity, it is becoming crucial for sustainable business. It is therefore imperative that companies worldwide are implementing, and accurately reporting on, comprehensive social and environmental activity. The IRI aims to facilitate this, and accelerate progression towards societies that are more sustainable and prosperous”.

The IRI is inviting organizations to collaborate and lead in the development of the IRI. For more information on partnership opportunities, please contact info@islamicreporting.org or visit http://www.islamicreporting.org.