Abu Dhabi Islamic Bank's SME Financing Totalled Dh1 Billion In 2022
(MENAFN- Khaleej Times) Abu Dhabi Islamic bank (ADIB) invested Dh23 million in community development initiatives, and provided Dh1 billion in SME financing in 2022. The bank announced the release of its second Environmental, Social, and Governance (ESG) report emphasising the progress made on the bank's EGS goals and commitments for the year 2022.
The report also highlights a new three-year ESG strategy to integrate ESG risks considerations into the banking framework and support the UAE's efforts to achieve the transition towards a more sustainable economy.
The 2022 ESG report provides a comprehensive evaluation of the progress ADIB made in various environmental, social, and governance related metrics, highlighting significant improvements made over the past year.
Around 60 per cent of the bank's funding portfolio was low or medium risk according to ESG standards, maintaining a stable and secure financial position.
Additionally, the bank maintained one of the highest Emiratisation ratios, reaching 45 per cent. This was coupled with steady progress in strengthening women's representation in executive roles, where women now represent 39.4 per cent of ADIB's entire workforce.
To further assist Emiratis and provide young people with greater access to essential financial services, ADIB continued to focus on the younger generation through its Amwali product, making ADIB the first Islamic digital bank targeting youth from 8 to 18 years old, resulting in around 13,500 new youth accounts being opened in 2022.
Nasser Al Awadhi, group chief executive officer at ADIB. - KT file Nasser Al Awadhi, group chief executive officer at ADIB, said:“We are proud to present our second edition of the ESG report, outlining our three-year ESG strategy integrated into the banking framework, and supporting the UAE's transition towards a more sustainable economy. This report reflects our commitment to enhancing our social and environmental impact and ensuring continued success as a responsible and ethical financial institution.”
The new three-year ESG strategy prioritises accelerating ADIB's Green Financing and Investing initiatives. The bank has already made significant strides in this area, having allocated US$1.7 billion towards sustainable project financing under green financing. Additionally, ADIB has obtained six LEED green building certificates and saved an impressive five million papers through its Al Ghaf paperless programme in 2022. The bank has made significant progress in reducing its carbon footprint, reporting a 26 per cent reduction in energy consumption intensity last year.
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