(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar Islamic Bank (QIB) was recognised by the Euromoney Awards for Excellence 2023 as Qatar's Best Bank for ESG. This award is a testament to the bank's efforts to contribute to the achievement of global sustainable development goals and its commitment to implementing Environmental, Social, and Governance (ESG) standards.
QIB is deeply committed to sustainability, making it an integral part of its corporate strategy. This commitment is driven by the bank's dedication to meeting the needs of its customers, stakeholders, and the society at large. This dedication encompasses several key areas: maintaining sustainable financial performance, effective risk management and governance, minimizing environmental impact, fostering financial inclusion, promoting accessibility, and driving digital innovation. The bank's diverse portfolio vividly demonstrates this commitment by actively supporting sustainable initiatives in various fields, such as green buildings, recycling, education, healthcare, and more.
To reinforce its commitment to sustainability, QIB has taken several significant steps. It has formed a dedicated Sustainability Committee and established a specialized Sustainability division, thus adopting a focused approach towards implementing its sustainability strategy across the entire organization. Additionally, QIB has integrated ESG risks into its Risk Management Framework, demonstrating a comprehensive approach to responsible banking. This has further contributed to QIB becoming the first and only bank in Qatar to have officially adopted the Equator Principles.
Furthermore, QIB has strengthened its position as a leader in ESG practices through various initiatives. These include the development of an ESG assessment toolkit, exclusive training sessions for the Board and staff members, and active participation in national environmental programs like the“One Million Trees” initiative. Collaborations with Qatari start-ups and engagement on the Ministry of Environment and Climate Change's Environmental Sustainability Portal, exemplify QIB's commitment to promoting sustainable mobility and overall sustainability in Qatar.
QIB has been disclosing ESG-related factors for the last three years through comprehensive yearly sustainability reports that cover all related aspects. All these improvements have been recognized by leading ESG rating agencies such as Sustainalytics and S&P Global where QIB's ESG rating score has significantly improved.
“Fostering positive environmental impacts has consistently remained at the heart of our bank's mission, and we are proud to be recognized by Euromoney,” said Bassel Gamal, Group CEO of QIB.
“Our overarching strategy integrates sustainability seamlessly into our business operations leveraging our Islamic values and heritage. Throughout the past year, we have made consistent progress in embedding ESG principles across the entire organization. This effort aligns closely with Qatar National Vision 2030, Qatar's National Environment, Climate Change Strategy, and global best practices, ultimately strengthening our brand and financial standing.”
QIB has recently unveiled the third edition of its sustainability report, showcasing the substantial progress the bank has achieved in its sustainability endeavors.
This includes proactive measures undertaken to address climate-related risks and opportunities, following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
Euromoney's Awards for Excellence are the awards that carry significance for banks and bankers. Established in 1992, they were the first of their kind in the global banking industry. The winners of over 50 regional awards and best bank awards in 100 countries are selected through an award submission process by Euromoney's editorial team.
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