QIB launches a new Sustainable Deposit
18/01/2024, Doha,Qatar
Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has launched a new Sustainable Deposit, an innovative fixed-term option tailored for corporates looking to responsibly invest their funds. This product is designed to prioritize sustainable finance and align with the objectives of a low-carbon future.
The Sustainable Deposit, a Shari’a compliant Absolute Mudaraba product, signifies a milestone in QIB’s commitment to sustainability by exclusively allocating funds to environmentally and socially responsible projects and investments. Adhering to all applicable Absolute Mudaraba regulations, adding the exclusive allocation of funds, this distinctive product is designed to actively contribute to the bank’s sustainability strategy.
QIB’s Sustainable Deposit strategically focuses on sectors that contribute positively to environmental and social causes, guided by QIB’s sustainable products framework, which aligns harmoniously with the United Nations’ Sustainable Development Goals and Qatar National Vision 2030. These sectors encompass renewable energy, green buildings, clean transportation, education, healthcare, food security, community development and financial inclusion, among others.
Mr. Tarek Y. Fawzi, Chief Wholesale Banking Officer at QIB said: “With a heightened focus on sustainability throughout the region, companies are exploring various avenues to engage in sustainable development. Given the rising interest of investors in sustainable products and QIB’s strategic priority to contribute to Qatar’s green and sustainable transformation, we anticipate significant potential in offering a Shari’a compliant sustainable deposit scheme capable of attracting considerable demand from our customers.”
Mr. Fawzi added: “Through the Islamic Sustainable Deposit, QIB actively promotes sustainable and environmentally friendly businesses, aiming to ensure a sustainable future. This initiative reaffirms our commitment to delivering innovative financial solutions that address the evolving needs of our customers while contributing to a more sustainable and environmentally conscious future.”
QIB’s commitment to sustainability is defined by the bank’s comprehensive sustainability strategy, aligned with the Qatar National Vision 2030 and the United Nations’ Sustainable Development Goals. This strategy guides the bank’s future efforts, emphasizing sustainability in financing, community support and initiatives to reduce its own environmental impact.
QIB’s efforts were recently recognized by the Euromoney Awards for Excellence 2023, where the bank was named as Qatar’s Best Bank for ESG. Euromoney further acknowledged the bank under its ‘Market Leader in ESG’ and ‘Highly regarded in CSR’ categories, for 2023. Another achievement for the bank has been its inclusion to the elite list of Forbes’ Middle East Sustainability Leaders.
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