QIB Joins Global Push for Sustainable Banking

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by KnowESG
KnowESG_Qatar Islamic Bank and Equator Principles
Image courtesy of Freepik

Qatar Islamic Bank (QIB) has taken a momentous stride towards sustainability by becoming the first bank headquartered in Qatar to embrace the Equator Principles.

By joining the Equator Principles Association (EP Association), QIB has demonstrated its unwavering commitment to implementing globally recognised standards for assessing and managing environmental and social risks associated with bank-financed projects.

This significant development reinforces QIB's dedication to sustainable banking practices, fosters sustainable development initiatives, and aligns itself with the global community of the EP Association.

Guided by the Qatar National Vision 2030 (QNV 2030) and in harmony with the United Nations (UN) Sustainable Development Goals (SDGs), QIB has consistently championed sustainable development.

As an Equator Principles Financial Institution (EPFI), QIB has enhanced its risk management framework to adhere to the Equator Principles, reinforcing its commitment to sustainable banking practices and sustainable development.

This proactive approach enables the bank to proactively monitor the environmental, social, and governance (ESG) risks associated with new project finance and related requests. Moreover, it provides an avenue to engage customers in mitigating potential risks, thereby fostering greater risk awareness among existing and prospective clients.

Commenting on this momentous occasion, Mr. Bassel Gamal, QIB Group CEO, stated, "We recognise the vital role played by the financial sector in promoting sustainability and believe that integrating ESG risk analysis is crucial for mitigating climate risks and facilitating responsible risk decision-making.

"QIB is devoted to embracing these trends and fostering long-term positive impacts in the communities it serves as the business landscape continues to change as a result of innovation and the need to adapt and mitigate climate risks. Our commitment to sustainability pervades all our business endeavours, and becoming a signatory to the Equator Principles marks a significant stride forward in this regard."

The Equator Principles (EPs) serve as a widely accepted framework for managing environmental and social risks in projects. Financial institutions adopt these principles to evaluate, assess, and manage such risks, with the primary objective of establishing a baseline standard for due diligence and monitoring.

By incorporating an ESG-based risk management framework, the EPs contribute to sustainable development initiatives worldwide. These principles have garnered broad acceptance, with EPFIs accounting for the majority of international project finance debt in both developed and emerging markets. The adoption of the Equator Principles also holds substantial interest within the investor community.

For further information, please visit www.qib.com.qa and www.equator-principles.com.

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Source: ZAWYA

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