Please use a PC Browser to access Register-Tadawul
Get It
PRESSR: Masraf Al Rayan and HSBC complete the first Islamic ESG KPI-linked repo transaction
SAB +0.43%
SAB 1060.SA | 0.00 |
Doha: Masraf Al Rayan (Q.P.S.C) AlRayan Bank and HSBC completed the first Islamic ESG KPI Linked repurchase agreement (repo), a sustainable finance deal in support of Al Rayan Bank’s transition journey. The structure includes Sustainable Performance Targets (SPTs) that AlRayan Bank needs to reach within the next three years.
AlRayan Bank launched its Sustainable Finance Framework in 2022 to support the wider commitments of the State of Qatar’s Net Zero transition journey, Qatar National Vision 2030 and the recently launched Sustainability Strategy from the Qatar Central Bank. The bank offers a number of Environmental, Social and Governance (ESG) products including green deposits and financing for Electric Vehicles.
As part of the strategy to reach the Sustainable Performance Targets for Environment, Social and Governance aspects, AlRayan Bank collaborated with key partners to develop an outline for activities and projects.
“We are fully committed to delivering on the Sustainable Performance Targets as part of our ESG strategy that also indicates the progress that the bank is making on its transition journey”, said Mr. Fahad bin Abdulla Al Khalifa, GCEO AlRayan Bank. “We are grateful for the support and cooperation from HSBC as a key partner supporting us delivering on the country’s ESG agenda.”
“Transactions like the first Islamic ESG KPI-linked repo demonstrates the importance and focus HSBC places in helping our clients achieve their ambitions in their net zero journey in Qatar. This landmark transaction further builds on the close collaboration we have with AlRayan Bank in partnering with them on their transition journey’’, said Mr. Abdul Hakeem Mostafawi, CEO of HSBC in Qatar.
About AlRayan Bank:
Masraf Al Rayan QPSC (AlRayan Bank) stands as a leading Islamic financial institution originating from Qatar with a global reach that extends to the United Kingdom, France, and the United Arab Emirates. Managing assets of circa QAR 165 billion, the bank is renowned for its comprehensive suite of solutions that are compliant with Islamic Sharia law, overseen by specialized regulatory bodies.
The bank's services include corporate banking, SME banking, personal and private banking, asset management, financial consulting, and treasury and institutional services. AlRayan Bank has set benchmarks in sustainable Islamic financing, launching Qatar’s first green deposit and the inaugural program for sustainable Islamic finance, thereby supporting the country's transition towards environmental sustainability.
Proud of its extensive network, AlRayan Bank operates 13 branches and 105 ATMs strategically placed across Qatar's key locations, including commercial centers, traditional markets, and business districts. The bank continues to provide exceptional banking services around the clock through its advanced digital platforms and mobile app, enhancing the modern and comprehensive banking experience for its clients.
Media enquiries to:
Greta Madgwick
greta.madgwick@hsbc.com
About HSBC in the MENAT region
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.
Send us your press releases to pressrelease.zawya@lseg.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.