Ajman Bank Teams Up With KPMG To Craft ESG Framework, Aiming For Sustainability

Ajman Bank has recently embarked on a strategic alliance with KPMG ESG Services, aiming to fortify its commitment to environmental, social, and governance (ESG) principles. This partnership is set to craft Ajman Bank’s first-ever ESG Framework, which will serve as both a roadmap and a vision for sustainability in the long run. The initiative is particularly timely, as the UAE has dedicated 2023 to sustainability, highlighting the nation's concerted effort to promote sustainable practices across various sectors. Ajman Bank's alignment with this national agenda underscores its commitment to climate action and broader sustainability concerns.

The formalization of this collaboration was marked by a Memorandum of Understanding (MoU) signing ceremony at Ajman Bank’s headquarters. The event saw the participation of Fadi Alshihabi, Partner and ESG Services Leader at KPMG, and Zohaib Ali Zahid, Head of Environmental, Social & Governance (ESG) at Ajman Bank. Mustafa Al Khalfawi, Group CEO of Ajman Bank, shared his insights on the occasion, emphasizing the bank's dedication to fostering a sustainable legacy for future generations. He highlighted that responsible banking extends beyond mere financial transactions and is fundamentally about embedding sustainability into the core operations of the bank.

Under KPMG’s ESG expertise, Ajman Bank will conduct a thorough assessment to determine its carbon footprint baseline. This will involve identifying strategic sustainability priorities, setting achievable milestones, and devising pathways towards a sustainable future for the bank, its clientele, and the communities it serves. This initiative not only mirrors Ajman Bank's commitment to sustainability but also resonates with its principles as an Islamic banking institution that prioritizes ethical practices and responsibility towards environmental and societal well-being.

Zohaib Ali Zahid articulated Ajman Bank’s heightened responsibility towards sustainable and responsible banking practices. He pointed out that the partnership with KPMG ESG Services signifies the commencement of a transformative journey for Ajman Bank. The bank aims to lead by example in the banking sector by weaving sustainability into its business strategy, operations, and culture. This endeavor is pivotal in achieving Ajman Bank’s long-term ESG vision, ultimately benefiting its stakeholders and making a positive impact on the communities it serves.

This strategic partnership between Ajman Bank and KPMG ESG Services is not just a step towards responsible banking but also a significant contribution to the UAE's sustainability goals. It reflects a shared vision of fostering ethical, environmental, and social governance within the financial sector, setting a precedent for other institutions to follow.

With inputs from WAM