Qatar-based leading Islamic bank Masraf Al Rayan has launched the first Shariah-compliant Green Deposit in the country.
The Green deposit is a unique alternative investment solution that enables Riyal deposits and other major currencies to be deployed for funding green initiatives.
According to the statement, the clients seeking to incorporate environmental and sustainability goals in their business ambitions can participate in these deposits that will finance environmental, social, and governance (ESG) projects.
Mr. Fahad bin Abdullah Al Khalifa, Group CEO of Al Rayan said that, “We are proud to bring the first Sharia-compliant Green Deposit product to customers in Qatar, particularly at a time of raised awareness towards our ethical responsibility to support sustainable investment solutions. Collectively, we can create a positive impact and enable our clients to manage their funds in a more environmentally responsible way.”
Mr. Abdulrahman Al Suwaidi, Acting GCEO of Qatar Development Bank, praised the Green Deposit, saying that, “We want to extend our gratitude to the colleagues at Masraf Al Rayan for this initiative. This partnership aligns with Qatar Development Bank’s strategy in opening new venues for leading projects that contribute to Qatar’s sustainable development efforts.”
“We look forward to introducing the Shariah-compliant Green Deposit as a model for sustainable solutions and an example for active environmental and social responsibility,” Mr. Al Suwaidi further added.
As part of its active ESG program, Al Rayan supports the introduction of environmentally sustainable finance practices which align with the laws and standards adopted by Qatar according to its sustainable development agenda.
