- AI Baraka Banking Group is the first among banks in the West Asia region to sign the UN Principles of Responsible Banking
- Al Baraka pledged $197 million for 2019-2020 in support of renewable energy and energy efficiency projects in the bank’s operating countries
- UNEP urges other banks in the region to align with the Principles for Responsible Banking
Manama, 30 October 2019 - Al Baraka Banking Group becomes the first bank in the West Asia region to officially sign the new Principles for Responsible Banking, which were developed through an innovative global partnership between banks and the UN Environment Programme Finance Initiative (UNEP FI). By committing to these principles, Al Baraka is also the first in the Islamic banking sector to do so.
Launched last month ahead of the UN Climate Action Summit in New York, the Principles for Responsible Banking provide the framework for a sustainable banking system and establish best practices that will assist banks in creating and demonstrating positive impact within their communities and society at large.
“Joining the Principles for Responsible Banking shows the commitment from Al Baraka Banking Group to climate action and sustainability for the people of Bahrain, the region, and further” said Mr. Sami Dimassi, UNEP regional director for West Asia. “The first bank from the region to commit to the Principles, the bank will focus where it has the greatest impact — in its core business — and set, publish and implement ambitious targets to promote positive impact in line with global and local goals.”
Keeping with the bank’s goals, Al Baraka pledged $197 million for 2019-2020 in support of renewable energy and energy efficiency projects in the bank’s operating countries, including; Jordan, Bahrain, Syria, Iraq, Lebanon and Saudi Arabia from the West Asia region.
“We are very excited see the Principles of Responsible Banking being adopted globally. Our huge thanks and congratulations to the UNEP/UNEP-FI teams for their dedication and leadership for articulating the Principles for the global banking industry” said Mr. Adnan Ahmed Yousif, Al Baraka Banking Group’s president and chief executive officer.
“We are also excited about the Principles as they are aligned with our commitment to sustainable banking and finance. We launched the Al Baraka Goals (2016-2020) in November 2015 precisely for the reasons articulated in the Principles and we are absolutely delighted to see the trend scaling up in the banking industry” he added.
Al Baraka Banking Group’s history with the UNEP regional office in West Asia, stems from a series of productive engagements that saw the bank enter a strategic partnership through a memorandum of understanding in May 2019.
UN Environment Programme urges other banks in the region to align with the Principles for Responsible Banking and work with the UNEP Regional office for West Asia to achieve the Sustainable Development Goals and the Paris Climate Agreement.
NOTE TO EDITORS
About the UN Environment Programme
UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.
About Al Baraka Banking Group
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.
About the Principles for Responsible Banking
The Principles for Responsible Banking were developed by a core group of 30 Founding Banks through an innovative global partnership between banks and the UNEP Finance Initiative. UNEP FI is the UN-private sector collaboration that includes membership of more than 240 finance institutions around the globe and accounts for more than one third of the global banking sector.
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