Masraf Al Rayan 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.
Fahad bin Abdullah Al Khalifa Group CEO Masraf Al Rayan
“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. We are grateful for the support and cooperation from HSBC as a key partner supporting us delivering on the country’s ESG agenda.”
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.
“Transactions like the first Islamic ESG KPI-linked repo demonstrate 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 Abdul Hakeem Mostafawi, CEO of HSBC in Qatar.
