Qatar Islamic Bank (QIB), region’s leading digital bank, has introduced a new Sustainable Deposit, an innovative fixed-term option tailored for corporates looking to responsibly invest their funds.
This product is designed to prioritize sustainable finance and align with the objectives of a low-carbon future. The Sustainable Deposit, a Shari’a-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.
With the addition of the exclusive fund allocation and compliance with all of the relevant Absolute Mudaraba regulations, this unique product is intended to provide a significant contribution to the bank’s sustainability policy.
Driven by QIB’s sustainable products framework, which is in line with the UN Sustainable Development Goals (UNSDGs) and Qatar National Vision 2030, the Sustainable Deposit specifically concentrates on businesses that positively impact social and environmental Issues.
These sectors encompass renewable energy, green buildings, clean transportation, education, healthcare, food security, community development and financial inclusion, among others.
Tarek Fawzi General Manager Wholesale Banking Group QIB
“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 Shari’a-compliant sustainable deposit scheme capable of attracting considerable demand from our customers.”
Mr. Fawzi added that, “Through the Islamic Sustainable Deposit, QIB actively promotes sustainable and environmentally friendly businesses, aiming to ensure a sustainable future. This initiative reaffirms our commitment to delivering innovative financial solutions that address the evolving needs of our customers while contributing to a more sustainable and environmentally conscious future.”
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