Ajman Bank Signs MOU with KPMG for Developing a Robust ESG Framework


Ajman Bank, a leading Islamic financial institution in the UAE, is proud to announce its strategic partnership with KPMG ESG Services, marking a significant milestone in its commitment to environmental, social, and governance (ESG) principles. The Memorandum of Understanding (MOU) between Ajman Bank and KPMG ESG Services was signed in a ceremony at Ajman Bank’s head office, attended by leaders from both organizations. Fadi Alshihabi, Partner and ESG Services Leader at KPMG, and Zohaib Ali Zahid, Head of Environmental, Social & Governance (ESG) at Ajman Bank, exchanged the MOU.

The collaboration aims to develop Ajman Bank’s inaugural ESG Framework, a roadmap, and a long-term vision for sustainability. The UAE’s declaration of 2023 as a year dedicated to sustainability underscores the nation’s collective endeavor to foster sustainable practices across all sectors. Ajman Bank aligns with this national agenda, reinforcing its dedication to climate action and broader sustainability issues.

Mr. Mustafa Al Khalfawi, Group CEO of Ajman Bank, commented, “Responsible banking goes beyond financial transactions; it is about creating a sustainable legacy for future generations. At Ajman Bank, we are dedicated to embedding sustainability into the heart of our operations, reflecting our commitment as a leading Islamic financial institution to ethical, environmental, and social governance. Our partnership with KPMG ESG Services marks a pivotal moment in our journey towards responsible and sustainable banking while contributing to the UAE’s sustainability objectives.”

Under the guidance of KPMG’s ESG expertise, Ajman Bank will undertake a comprehensive assessment to establish its carbon footprint baseline, identify strategic sustainability priorities, set achievable milestones, and create pathways towards a sustainable future for the Bank, its clients, and the communities it serves. This initiative not only reflects Ajman Bank’s commitment to sustainability but also aligns with its principles as an Islamic banking institution, emphasizing ethical practices and responsibility towards the environment and society.

Zohaib Ali Zahid, speaking on behalf of Ajman Bank, emphasized the Bank’s enhanced responsibility towards sustainable and responsible banking practices, especially as an Islamic Bank. “Our partnership with KPMG ESG Services marks the beginning of a transformative journey for Ajman Bank. We are committed to leading by example in the banking sector by integrating sustainability into our business strategy, operations, and culture. This initiative is a cornerstone in our mission to achieve our long-term ESG vision, benefiting our stakeholders and contributing positively to the communities we serve.”


About Ajman Bank

Ajman Bank is an Islamic bank with an ambitious vision based on values of integrity, trust and transparency seeks to provide a wide range of Sharia-compliant and high-quality banking services to customers from individuals, companies and government institutions across the UAE. It is also keen to be updated with the latest technology that will ensure customers a distinctive experimental banking with the revival of human touch that is lost in the modern era of banking application.

Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the emirate’s economic development strategy. The bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike. For more information visit http://www.ajmanbank.ae

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