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Standard Chartered has launched the Islamic Sustainability Account (SA) in the UAE. This new offering for large corporates offers clients the opportunity to incorporate sustainability into their cash management, while maintaining daily access to cash for critical liquidity management needs.
Deposits in the Shariah-compliant Islamic Sustainable Account will be used to fund sustainable projects based on Standard Chartered’s Green and Sustainable Products Framework, which aligns with the United Nations Sustainable Development Goals.
Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, said: “With the growing focus on sustainability in the UAE, companies are looking at different ways to engage in sustainable development. The Standard Chartered Islamic Sustainability Account provides an opportunity for clients to Their cash balances referenced to sustainable finance and bank-funded projects such as solar projects, microfinance, water infrastructure construction, etc.”
Naffco’s first customer
She added: “Naffco is committed to reducing CO2 emissions by implementing management plans that reduce the consumption of natural resources and is the first organization in the UAE to actively utilize the Islamic Sustainable Accounts to support its sustainable and inclusive growth opportunities.”
Standard Chartered’s Green and Sustainable Products Framework has been co-authored with industry experts Sustainalytics. — trade arab news agency
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