Ajman Bank signs MoU with KPMG for developing ESG framework

Published on March 1, 2024

Ajman Bank announced the signing of a strategic partnership with KPMG ESG Services, marking a significant milestone in its commitment to environmental, social, and governance (ESG) principles.

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 endeavour to foster sustainable practices across all sectors. Ajman Bank aligns with this national agenda, reinforcing its dedication to climate action and broader sustainability issues.

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 organisations. Fadi Alshihabi, Partner and ESG Services Leader at KPMG, and Zohaib Ali Zahid, Head of Environmental, Social & Governance (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 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, emphasising 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.”

  Source: WAM – Khoder Nashar


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