QIB joins global efforts towards sustainable banking

QIB joins global efforts towards sustainable banking

Doha, Qatar: Qatar Islamic Bank (QIB) has taken a significant step towards sustainability by becoming the first bank headquartered in Qatar to adopt the Equator Principles by joining the Equator Principles Association (EP Association), a globally recognized benchmark framework for determining, assessing, and managing environmental and social risk in bank financed projects.

This important move asserts the bank's commitment to sustainable banking practices, supporting sustainable development efforts, and aligning with the global community of the EP Association. Having the Qatar National Vision 2030 (QNV 2030) as the foundation of its business strategy, and in line with the United Nations (UN) Sustainable Development Goals (SDGs), QIB has a track record of promoting sustainable development.

By becoming an Equator Principles Financial Institution (EPFI), QIB has updated its risk management framework to comply with the Equator Principles, further demonstrating its commitment to sustainable banking practices and sustainable development. This effort will enable the bank to monitor the exposure of new project finance and related requests to Environment, Social and Governance (ESG) based risks, while providing an opportunity to engage with its customers on mitigating any potential risks, resulting in an enhanced risk-awareness among existing and prospective customers.

On this occasion, Mr. Bassel Gamal, QIB Group CEO,