Dubai Islamic Bank has announced the launch of a framework for sustainable financing facilities, as part of the UAE’s efforts to achieve positive and effective climate goals.
This framework represents the first global framework of its kind launched by an Islamic bank, which reflects the bank’s commitment to lead sustainable financing in accordance with the best global practices.
The new workforce defines clear and accurate criteria for qualified financing facilities associated with sustainability, which enables Dubai Islamic Bank to issue financing instruments with returns dedicated to supporting financing or re -financing sustainable projects, which directly enhances efforts to address climate change and reduce its negative effects.
The framework set main performance indicators and clear sustainability goals, in line with the guidelines for sustainable financing instruments, issued by the International Capital Markets Association (ICMA), and qualified financing facilities under this framework are subject to the principles of sustainable financing for the Capital Markets Association (LMA).
The CEO of Dubai Islamic Bank Group, Dr. Adnan Shoula, said that the new framework comes after the bank launched the first sustainable financing framework, in 2022, to represent a milestone in the Dubai Islamic march towards enhancing environmental, social and institutional governance, which is a basic pillar in a strategy Sustainability, which aims to support a green and sustainable future, reflects the firm commitment to achieving the goal of allocating 15% of a portfolio The Finance Bank for Sustainable Activities by 2030.
An annual report will be issued that clarifies the distribution and impact of the relevant financing facilities, throughout the period of validity of the sustainable financing.
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