Emirates Islamic leverages Islamic finance to drive climate action and net zero goals at COP28

Dubai, 11 December 2023: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, is leveraging Islamic finance to drive climate action and support the UAE’s sustainability agenda at the 28th United Nations Climate Change Conference (COP28).

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.

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.

Farid Al Mulla, Chief Executive Officer at Emirates Islamic, said: “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. 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.”

Muhammad Kamran Wajid, Deputy Chief Executive Officer at Emirates Islamic, said: “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. We are committed towards a better world for the future generations.”

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