Abu Dhabi Islamic Bank, a leading financial institution, has been recognized as the Best Bank in the middle east for Sustainability Linked Bonds/ sukuk at the Global Finance 2024 Sustainable Finance Awards.
The award recognizes the recent issuance by ADIB which was the world’s first dollar denominated sukuk to be issued by a financial institution.
It is also a testament to ADIB’s commitment to sustainability in the capital markets and the bank’s dedication to integrating sustainable practices into its core business strategies while aligning its financing activities with environmental, social, and governance (ESG) principles.
ADIB recently integrated these principles through a comprehensive three-year strategy, contributing to the advancement of sustainability goals within the region.
In November 2023, ADIB raised $500 million by issuing Shariah-compliant green sukuk. The issuance was oversubscribed 5.2 times with exceptional demand, attracting interest from over 100 global and regional investors.
ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects to accelerate climate transition, which may include the financing or refinancing of green projects as well as financing customers for eligible green projects as described under the Eligibility Criteria in the ADIB sustainable finance Framework.
In launching its ESG strategy for the next three years, ADIB aims to take advantage of the overlap between the principles of Shariah law and ESG integration to maximize positive impacts.
The Sustainable Finance Awards aims to acknowledge leadership in sustainable finance on a global, regional, and local scale.
It honours organizations that actively support initiatives aimed at mitigating climate change and fostering a more sustainable future for communities worldwide.
Winners are selected based on criteria such as governance policies, measurable achievements in environmental and social sustainability financing, and overall impact within the industry.
This award highlights ADIB’s position as a frontrunner in promoting sustainable finance practices within the banking sector, and its ongoing commitment to fostering positive environmental and social impact through innovative financial solutions.—Zawya
