Doha, Qatar: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, was listed in Forbes Middle East’s inaugural list of sustainability leaders, recognising the top 100 individuals and organizations driving impactful commitments to sustainable goals in the region.
This achievement underscores the bank’s dedication to environmental management, robust ESG commitments, and innovative sustainability initiatives, affirming its influential role in promoting positive environmental impact and sustainable practices.
As part of its strategy to develop business and achieve sustainable growth, the bank seeks to comprehensively integrate environmental, social and governance factors into its various sectors. Recently, QIB developed a sustainability strategy in line with Qatar National Vision 2030, the criteria of the Qatar Stock Exchange, and the United Nations Sustainable Development Goals. These frameworks guide its future efforts, emphasizing sustainability in financing, community support, and initiatives to reduce its environmental impact.
QIB is committed to Qatar’s long-term vision, conducting thorough ESG assessments for all business finance requests. This commitment has led to significant investments in areas like Green Buildings, pollution prevention, education, healthcare, and SME support. Additionally, the bank is actively participating in initiatives promoting Qatar’s transition to renewable energy and decarbonization, showcasing its dedication to environmental stewardship.
Simultaneously, QIB’s pursuit of digitalization serves a dual purpose; promoting financial inclusion while improving resource efficiency and aligning with both the nation’s development goals and environmental sustainability.QIB consistently emphasizes its commitment to environmental responsibility through tangible actions.
In a recent stride towards sustainability, the bank launched an eco-friendly credit card crafted from recycled materials, in addition to publishing a sustainability report every year. Embracing a comprehensive approach, QIB actively fosters a culture of sustainability within its workforce and Board of Directors through extensive training programs.
The Bank has further solidified its dedication by entering into a Memorandum of Understanding (MoU) with Gulf Organisation for Research and Development (GORD), accentuating its support for sustainable initiatives and addressing climate change challenges through green products and services. Important achievements include QIB’s status as the first Qatar-based bank to become an Equator Principles Financial Institution (EPFI).
Bassel Gamal, Group CEO of QIB, stated: “We are proud to receive recognition from Forbes Middle East as a sustainability leader, reaffirming our strong commitment to environmental and social responsibility. This acknowledgment is a powerful validation of our dedication to sustainability, reflected in tangible initiatives and recent milestones. Our principal strategy seamlessly integrates sustainability into our business operations, drawing on our Islamic values and heritage. Over the past year, we have consistently advanced the integration of ESG principles across our organization, aligning closely with Qatar National Vision 2030, the National Environment and Climate Change Strategy, and global best practices.
This commitment not only strengthens our brand but also enhances our financial standing.”Forbes Middle East has unveiled its inaugural list of sustainability leaders, spotlighting leading entities in the Middle East at the forefront of impactful initiatives and substantial advancements in attaining sustainable business goals.
The assessment by Forbes Middle East considered factors such as positive environmental contributions, adherence to Environmental, Social, and Governance (ESG) principles, transparency levels, collaborative endeavors, sustainability initiatives executed in the preceding year, and strategic roadmaps aimed at achieving a net-zero status. In the realm of banking and financial services, special emphasis was placed on fostering sustainable finance.
QIB was recognized by Euromoney as Qatar’s Best Bank for ESG as a testament to its efforts to contribute to the achievement of global sustainable development goals and its commitment to implementing Environmental, Social, and Governance (ESG) standards.
