National Fire Fighting Manufacturing FZCO (NAFFCO) becomes first company to open an Islamic Sustainable Account in UAE
Dubai, UAE, Nov. 29, 2022 /PRNewswire/ -- Standard Chartered announced today the launch of the Islamic Sustainable Account (SA) in the UAE. This new product, offered to large corporates, provides clients with the opportunity to embed sustainability into their cash management whilst maintaining daily access to their cash for critical liquidity management needs.
Deposits in the Shariah compliant Islamic Sustainable Accounts will be used to fund sustainable projects based on Standard Chartered's Green and Sustainable Product Framework, which is aligned to the United Nations Sustainable Development Goals.
Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, said: "With an increased focus on sustainability across the UAE, companies are looking for different ways to participate in sustainable development. Standard Chartered's Islamic Sustainable Account provides an opportunity for clients to have their cash balances referenced against sustainable finance and projects financed by the Bank, such as solar projects, microfinance, construction of water facilities, etc."
She added: "NAFFCO, which committed to reduce its CO2 emissions by implementing management programmes that reduce consumption of natural resources, is the first organisation in the UAE to proactively utilise the Islamic Sustainable Account to support their sustainable and inclusive growth opportunities."
Standard Chartered's Green and Sustainable Product Framework has been co-authored with industry experts Sustainalytics.
Note for editors:
View the independently verified Sustainable Finance Impact Report: https://www.sc.com/en/sustainability/our-impact/
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SOURCE Standard Chartered Bank