Dubai Islamic Bank Unveils its Sustainable Finance Framework
Dubai Islamic Bank PJSC (DIB) has said that it has published its Sustainable Finance Framework. This framework was made to make it easier to finance green and social projects and initiatives. DIB becomes the first Islamic bank in the UAE to publish such a Framework.
Under the Framework, DIB will finance projects that help the environment in categories like renewable energy, energy efficiency, clean transportation, green buildings, pollution prevention and control, and sustainable water and wastewater management. They will also finance social initiatives that help create jobs, make housing more affordable, and give people access to essential services.
The framework helps DIB keep its promise to promote sustainability by funding companies and projects that are leading the way in the UAE's energy transition. The bank has already put out several innovative sustainable finance products, such as green auto financing for electric and hybrid vehicles and custom housing financing solutions to make housing in the UAE more affordable. The Framework will help DIB speed up these efforts by letting the bank get long-term funding in a variety of ways in the future.
ISS ESG looked at DIB's Sustainable Finance Framework and found that it is in line with the Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines from the International Capital Market Association, as well as the Green Loan Principles and Social Loan Principles from the Loan Market Association. As the only sustainability structurer, Standard Chartered Bank worked with DIB to make the Framework.
Dr. Adnan Chilwan, Group Chief Executive Officer, DIB, commented:
”We are delighted to announce the publication of our Sustainable Finance Framework and the Second Party Opinion received from ISS ESG. The Framework shows how strongly DIB wants to reach its own goals for sustainability and drive the UAE's Net Zero agenda and the Dubai Clean Energy Strategy. We are excited about the potential that the framework offers in accelerating our efforts to become a more sustainable bank as well as access sustainable funding in the capital markets to support our sustainable lending portfolio."
Source: Dubai Islamic Bank