Al Rayan Bank and HSBC complete ESG KPI-linked repo transaction
23 December 2024 Qatar
Image: Ivan_Kurmyshov/stock.adobe.com
Al Rayan Bank and HSBC have completed their first key performance indicator (KPI) linked repo as part of Qatar’s environmental, social, and governance (ESG) strategy.
The finance deal aims to support Al Rayan Bank’s transition journey, following the launch of its Sustainable Finance Framework in April 2022.
The structure includes sustainable performance targets (SPTs) that AlRayan Bank aims to reach within the next three years.
“We are fully committed to delivering on the SPTs as part of our ESG strategy that also indicates the progress that the bank is making on its transition journey,” says Fahad bin Abdulla Al Khalifa, group CEO at AlRayan Bank.
He added that HSBC was one of the key partners that AlRayan Bank collaborated with to develop an outline for ESG-related activities and projects.
Abdul Hakeem Mostafawi, CEO of HSBC in Qatar, adds: “Transactions like the first Islamic ESG KPI-linked repo demonstrates the importance and focus HSBC places in helping our clients achieve their ambitions in their net zero journey in Qatar.
“This landmark transaction further builds on the close collaboration we have with AlRayan Bank in partnering with them on their transition journey.”
The State of Qatar committed to achieving net zero carbon emissions by 2050 at the 144th General Assembly of the Inter-Parliamentary Union (IPU) in March 2022, and the Qatar Central Bank released its ESG and Sustainability Strategy for the financial sector in June 2024.
MUFG EMEA and Qatar-based Doha Bank closed their first green repurchase scheme in the Middle East and North Africa (MENA) region in September.
The finance deal aims to support Al Rayan Bank’s transition journey, following the launch of its Sustainable Finance Framework in April 2022.
The structure includes sustainable performance targets (SPTs) that AlRayan Bank aims to reach within the next three years.
“We are fully committed to delivering on the SPTs as part of our ESG strategy that also indicates the progress that the bank is making on its transition journey,” says Fahad bin Abdulla Al Khalifa, group CEO at AlRayan Bank.
He added that HSBC was one of the key partners that AlRayan Bank collaborated with to develop an outline for ESG-related activities and projects.
Abdul Hakeem Mostafawi, CEO of HSBC in Qatar, adds: “Transactions like the first Islamic ESG KPI-linked repo demonstrates the importance and focus HSBC places in helping our clients achieve their ambitions in their net zero journey in Qatar.
“This landmark transaction further builds on the close collaboration we have with AlRayan Bank in partnering with them on their transition journey.”
The State of Qatar committed to achieving net zero carbon emissions by 2050 at the 144th General Assembly of the Inter-Parliamentary Union (IPU) in March 2022, and the Qatar Central Bank released its ESG and Sustainability Strategy for the financial sector in June 2024.
MUFG EMEA and Qatar-based Doha Bank closed their first green repurchase scheme in the Middle East and North Africa (MENA) region in September.
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