National Fire Fighting Manufacturing FZCO (NAFFCO) becomes the first company to open an Islamic Sustainable Account in the UAE
dubaiWATER, November 29, 2022 /PRNewswire/ — Standard Chartered today announced the launch of the Islamic Sustainable Account (SA) in the UAE. This new product, offered to large corporations, offers customers the ability to integrate sustainability into their cash management while maintaining day-to-day access to their cash for critical cash management needs.
Deposits in Islamic Sharia-compliant sustainable accounts will be used to fund sustainable projects based on Standard Chartered principles. Green and sustainable product frameworkwhich is aligned with the United Nations Sustainable Development Goals.
Rola Abou MannehChairman and CEO of Standard Chartered UAE, said: “With an increased focus on sustainability in the UAE, companies are looking for different ways to participate in sustainable development. The Standard Chartered Islamic Sustainable Account offers clients the opportunity refer to their cash balances against sustainable finance and Bank-financed projects, such as solar projects, microfinance, construction of water works, etc.
She added: “NAFFCO, which is committed to reducing its CO2 emissions by implementing management programs that reduce the consumption of natural resources, is the first organization in the United Arab Emirates to proactively use the Islamic Sustainable Account to support their opportunities for sustainable and inclusive growth.
Standard Chartered’s Green and Sustainable Products Framework was co-authored with industry experts Sustainalytics.
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SOURCE Standard Chartered Bank