Ajman Bank, a leading Islamic financial institution in the UAE, has announced its strategic partnership with KPMG ESG Services, marking a significant milestone in its commitment to environmental, social and governance (ESG) principles.
The Memorandum of Understanding (MOU) between Ajman Bank and KPMG ESG Services was signed in a ceremony at Ajman Bank’s head office, attended by leaders from both organizations. Fadi Alshihabi, Partner and ESG Services Leader at KPMG and Zohaib Ali Zahid, Head of Environmental, Social and Governance (ESG) at Ajman Bank, exchanged the MOU.
The collaboration aims to develop Ajman Bank’s inaugural ESG Framework, 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 endeavor to foster sustainable practices across all sectors. Ajman Bank aligns with this national agenda, reinforcing its dedication to climate action and broader sustainability issues.
Mustafa Al Khalfawi, Group CEO of Ajman Bank, said: “Responsible banking goes beyond financial transactions; it is about creating a sustainable legacy for future generations. At Ajman Bank, we are dedicated to embedding 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.”
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, emphasized 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.”
