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About 60% of ADIB’s fund portfolio is low or medium risk based on ESG criteria. – KT file
Abu Dhabi Islamic Bank (ADIB) invested AED 23 million in community development programs and provided AED 1 billion in financing for SMEs by 2022.
The bank announced the release of its second Environmental, Social and Governance (ESG) report, highlighting the bank’s progress towards its 2022 EGS goals and commitments.
The report also highlights a new three-year ESG strategy aimed at integrating ESG risk considerations into the banking framework and supporting the UAE’s efforts to transition to a more sustainable economy.
The 2022 ESG Report provides a comprehensive assessment of ADIB’s progress across various environmental, social and governance-related indicators, highlighting significant improvements made over the past year.
About 60% of the bank’s capital portfolio is low or medium risk based on ESG criteria, maintaining a stable and safe financial position.
Furthermore, the bank maintains one of the highest emiratization ratios at 45%. At the same time, steady progress has been made in strengthening women’s representation in executive positions, with women now making up 39.4% of ADIB’s workforce.
To further help Emiratis and provide young people with greater access to basic financial services, ADIB continues to focus on the younger generation through its Amwali product, making ADIB the first Islamic digital bank targeting youth aged 8 to 18, enabling around 13,500 new youth accounts will be opened in 2022.
Nasser Al Awadhi, CEO of ADIB Group. – KT file
Nasser Al Awadhi, ADIB Group Chief Executive Officer, said: “We are proud to launch the second edition of our ESG report, outlining our three-year ESG strategy that is embedded in the banking framework and supports the UAE’s transition to a more sustainable economy. The report Reflects our commitment to enhancing our social and environmental impact and ensuring our continued success as a responsible and ethical financial institution.”
The new three-year ESG strategy prioritizes accelerating ADIB’s green financing and investment plans. The bank has already made significant progress in this area, having allocated $1.7 billion for sustainable project financing under Green Finance. In addition, ADIB has achieved six LEED green building certificates and saved an impressive 5 million copies of paper through its Al Ghaf paperless plan for 2022. The bank has made significant strides in reducing its carbon footprint, reporting a 26% reduction in energy intensity last year.
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