Al Baraka first to adopt UNEP Responsible Banking principles

Al Baraka Banking Group became the first bank in the West Asia region to officially align with the new Principles for Responsible Banking. Al Baraka is also the first in the Islamic banking sector to do so. During a ceremony, held on 28 October, Al Baraka Banking Group’s President and Chief Executive, Adnan Ahmed Yousif, signed the Principle of Responsible Banking, in the presence of the Director and Regional Representative of the UNEP Regional Office for West Asia, Sami Dimassi.

On 22 September 2019, the UN and 130 leading banks around the globe launched the Principles for Responsible Banking ahead of the UN Climate Action Summit in New York. The Principles provide the framework for a sustainable banking system and establish best practices that will assist banks in creating and demonstrating positive impact within the communities they are embedded in, and society at large.

As part of Al Baraka Goals (2016-2020), Al Baraka pledged $197 million for 2019-2020 in support of renewable energy and energy efficiency projects in the bank’s operating countries, including; Jordan, Bahrain, Syria, Iraq, and Saudi Arabia from the West Asia region. During his remarks, Dimassi highlighted that “joining the Principles for Responsible Banking shows the commitment from Al Baraka Banking Group to climate action and sustainability for the people of Bahrain, the region, and further.”

He also encouraged other banks in the region to align with the Principles for Responsible Banking and work with the UNEP Regional Office for West Asia to achieve society’s goals as expressed by the Sustainable Development Goals and the Paris Climate Agreement. Adnan Ahmed Yousif said the bank is excited to see the Principles of Responsible Banking being adopted globally