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Qatar International Islamic Bank (P.S.Q.C.) (“QIIB”) has published its inaugural Sustainable Finance Framework, which aims to finance projects that contribute to positive environmental and social benefits.
QIIB can leverage on the Framework to issue Green, Social or Sustainability-labelled Sukuk and other financing products that are aligned with the International Capital Market Association’s (ICMA) Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines, as well as the Green Loan Principles and Social Loan principles, published by the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndications & Trading Association’s (LMA, APLMA and LSTA).
The Framework includes eligible green project categories related to renewable energy, clean transportation, energy efficiency, green buildings, pollution prevention and control, environmentally sustainable management of living natural resources and land use, sustainable water and wastewater management; and eligible social project categories related to employment generation, and programs designed to prevent and/or alleviate, unemployment stemming from socio-economic crises, access to essential services, affordable basic infrastructureQIIB has obtained a Second Party Opinion (“SPO”) from Sustainable Fitch, which evaluated the Framework as being aligned with the relevant sustainable finance market principles.
The Framework is aligned with QIIB’s ESG strategic dimensions, which has been developed in alignment with the Qatar National Vision (“QNV”) 2030, across environmental, social, governance and economic pillars. A core element of QIIB’s contribution to QNV 2030 includes financing of SMEs to build a vibrant economy through promoting diversification and private sector development.
Hossam Khattab the CFO and the “SFWG” committee member said, “As a pioneering financial institution committed to responsible and sustainable banking practices, we are thrilled to unveil our new Sustainable Finance Framework for our Sukuk program.
This framework underscores our dedication to aligning our operations with global sustainability goals while contributing to Qatar’s economic development, which consider a significant stride towards fostering a sustainable future in line with Qatar vision 2030”In setting up its inaugural Sustainable Finance Framework, QIIB has received support from Standard Chartered Bank as Sole Sustainability Structuring Bank.
