Qatar Islamic Bank (QIB), the country's leading digital bank, has launched a new sustainable deposit, an innovative fixed-term option tailored for corporates looking to responsibly invest their funds.
This product is designed to prioritise sustainable finance and align with the objectives of a low-carbon future.
The sustainable deposit, a Shariah-compliant 'Absolute Mudaraba' product, signifies a milestone in QIB's commitment to sustainability by exclusively allocating funds to environmentally and socially responsible projects and investments.
Adhering to all applicable 'Absolute Mudaraba' regulations, adding the exclusive allocation of funds, this distinctive product is designed to actively contribute to the bank's sustainability strategy.
QIB's sustainable deposit strategically focuses on sectors which contribute positively to environmental and social causes, guided by QIB’s sustainable products framework, which aligns harmoniously with the United Nations’ Sustainable Development Goals and the Qatar National Vision 2030.
These sectors encompass renewable energy, green buildings, clean transportation, education, healthcare, food security, community development and financial inclusion, among others.
"With a heightened focus on sustainability throughout the region, companies are exploring various avenues to engage in sustainable development. Given the rising interest of investors in sustainable products and QIB’s strategic priority to contribute to Qatar’s green and sustainable transformation, we anticipate significant potential in offering a Shariah compliant sustainable deposit scheme capable of attracting considerable demand from our customers,” said Tarek Y Fawzi, chief Wholesale Banking Officer at QIB.
Through the Islamic sustainable deposit, QIB actively promotes sustainable and environmentally friendly businesses, aiming to ensure a sustainable future.