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Emirates Islamic leverages Islamic finance to drive climate action

Islamic finance has gained prominence in recent years as a unique and ethical financial system guided by Shari’ah principles

Emirates Islamic launches QuickRemit money transfer to UK
The bank currently offers QuickRemit services to India and Pakistan, tying up with HDFC Bank and Faysal Bank respectively. Image credit: Supplied

Emirates Islamic is leveraging Islamic finance to drive climate action and support the UAE’s sustainability agenda at the COP28 climate conference.

Islamic finance has gained prominence in recent years as a unique and ethical financial system guided by Shari’ah principles. With its focus on risk-sharing, asset-backed transactions, and prohibition of interest, Islamic finance aligns with principles that resonate with the broader global community.

“There are many synergies between ESG principles and Islamic finance. Emirates Islamic remains committed to fostering its sustainability journeys and those of its customers, and stakeholders,” said Farid Al Mulla, Chief Executive Officer at Emirates Islamic.

“We pledge our support to the UAE’s sustainability agenda with our foundation in Islamic fundamentals, which helps us strive to contribute towards society in promoting equitable creation of wealth and a prosperous economy.”

Emirates Islamic is the Islamic subsidiary of Emirates NBD, the Principal Banking Partner at COP28, and is committed to providing enhanced transparency around funded projects and assets that carry environmental and social benefits by issuing sustainable finance instruments including green sukuk.

In line with its vision to be the pioneering Shari’ah-compliant bank for customers, people, and communities, Emirates Islamic is committed to reducing its environmental impact, in line with the UAE Net Zero by 2050.

“As a leading Islamic financial institution, supporting UAE-based businesses that are focused on sustainability is crucial in expediting the nation’s green transition through responsible governance. Islamic finance inherently aligns with such values and principles,” said Muhammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic.

The bank has always embraced sustainability as a core strategic pillar, along with providing customers with the best experience and superior banking solutions. Emirates Islamic was a prominent contributor to publishing the Emirates NBD Group’s first Sustainable Finance Framework, in collaboration with Emirates NBD.