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ABU DHABI: Abu Dhabi Islamic Bank, a leading Islamic financial institution, has announced the release of its second ESG report, highlighting the bank’s progress towards 2022’s Environmental, Social and Governance (ESG) goals and commitments. The report also highlights a new three-year ESG strategy that integrates ESG risk considerations into the banking framework and supports the UAE’s efforts to transition to a more sustainable economy.
ADIB’s sustainability journey is an integral part of its bank-wide strategy, and the 2022 ESG Report provides a comprehensive assessment of progress across a variety of environmental, social and governance-related indicators, highlighting significant improvements over the past year.
In line with its commitment to supporting local communities and promoting economic growth in the UAE, ADIB has invested AED 23 million in community development programs and provided an impressive AED 1 billion in financing for SMEs by 2022. Approximately 60% of the bank’s capital portfolio is low or medium risk based on ESG criteria, maintaining a stable and secure financial position. Furthermore, the bank maintains one of the highest emiratization ratios, currently rising to 45%, in line with the UAE’s nationalization strategy. At the same time, steady progress has been made in strengthening the representation of women in executive positions, with women now comprising 39.4% of ADIB’s workforce. To further help UAE nationals and provide youth 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, gaining around 13.5 2022 1,000 new youth accounts will be opened this year.
Nasser Al Awadhi, Group CEO of ADIB, said: “As a leading Islamic bank, our commitment to a sustainable future is embedded in our strategy and plans. Sustainability and Islamic finance are intrinsically linked because both Both follow fundamental principles that promote ethical and responsible financial practices.”
“Our adherence to the principles of Islamic finance aligns with our core values ​​of sustainable development, promoting ethical and responsible financial practices, transparency, accountability and risk management. We are proud to launch the second edition of our ESG report, outlining the The three-year ESG strategy for the industry framework and to support the UAE’s transition to a more sustainable economy. This report reflects our commitment to strengthening our social and environmental impact and ensuring continued success as a responsible and ethical financial institution. Success,” he added.
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.
ADIB is rated A by the MSCI ESG Index and was recently named Best Islamic Bank for ESG by Global Finance. The Bank’s commitment to sustainable development is deeply rooted in the Bank’s Islamic Finance principles, which promote ethical and responsible financial practices, transparency, accountability and risk management. By prioritizing the principles of sustainability, ADIB aims to further enhance its social and environmental impact, align its operations with global sustainability standards and ensure its continued success as a responsible and ethical financial institution.
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About AIIB
ADIB is the leading bank in the UAE with over AED169 billion in assets. The bank also offers world-class online, mobile and telephone banking services, providing customers with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, commercial, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).
ADIB operates in six strategic markets: 70 branches in Egypt, Kingdom of Saudi Arabia, United Kingdom, Sudan, Qatar and Iraq.
ADIB was named the world’s best Islamic bank by The Financial Times’ The Banker magazine and has a rich track record of innovation, including the launch of the award-winning Ghina savings account, multiple partnerships with Emirates, Etihad and Etisalat Award-winning co-branded cards and an extensive range of financing products.
For media information, visit www.adib.ae or contact:
Adib Edelman
Ramia Khaled Hariz Simon Hales
Head of Public Affairs Director of Financial Communications
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