Financial news

Ajman Bank, an Islamic financial institution based in the UAE, is partnering with KPMG ESG Services, marking a significant milestone in its commitment to environmental, social, and governance (ESG) principles.

This collaboration with KPMG aims to develop the inaugural ESG framework by Ajman Bank, a roadmap, and a long-term vision for sustainability. The UAE’s declaration of 2023 as a year dedicated to sustainability underscores the nation’s collective endeavour to foster sustainable practices across all sectors.

Ajman Bank has also aligned with this national agenda, reinforcing its dedication to climate action and broader sustainability issues.

Ajman Bank and KPMG ESG Services signed a memorandum of understanding in a ceremony at Ajman Bank’s head office, attended by leaders from both organisations. Fadi Alshihabi, partner and ESG services leader at KPMG, as well as Zohaib Ali Zahid, head of ESG at Ajman Bank, exchanged the MOU.

Mustafa Al Khalfawi, group CEO of Ajman Bank, commented: “Responsible banking goes beyond financial transactions; it is about creating a sustainable legacy for future generations.

“At Ajman Bank, we aim to embed sustainability into the heart of our operations, reflecting our commitment as a leading Islamic financial institution to ethical, environmental, and social governance. Our partnership with KPMG ESG Services marks a pivotal moment in our journey towards responsible and sustainable banking while contributing to the UAE’s sustainability objectives.”

Committing to sustainable banking

Under the guidance of KPMG’s ESG expertise, Ajman Bank will undertake a comprehensive assessment to establish its carbon footprint baseline, identify strategic sustainability priorities, set achievable milestones, and create pathways towards a sustainable future for the bank, its clients, and the communities it serves.

This initiative not only reflects Ajman Bank’s commitment to sustainability but also aligns with its principles as an Islamic banking institution, emphasizing ethical practices and responsibility towards the environment and society.

Zohaib Ali Zahid, speaking on behalf of Ajman Bank, emphasised the Bank’s enhanced responsibility towards sustainable and responsible banking practices, especially as an Islamic Bank: “Our partnership with KPMG ESG Services marks the beginning of a transformative journey for Ajman Bank.

“We are committed to leading by example in the banking sector by integrating sustainability into our business strategy, operations, and culture. This initiative is a cornerstone in our mission to achieve our long-term ESG vision, benefiting our stakeholders and contributing positively to the communities we serve.”