Dubai Islamic Bank sets up green financing framework

Published: Updated:
Read Mode
100% Font Size
1 min read

Dubai Islamic Bank is planning to finance environmental and social projects under a new Sustainable Finance Framework published on Friday.

The framework will allow the lender to issue green and sustainability-linked Islamic bonds and loans to fund projects in renewable energy, clean transport, green buildings and wastewater management as well as support job creation and affordable housing, a statement said.

For all the latest headlines follow our Google News channel online or via the app.

Investor demand for ESG-linked financing has surged and interest has picked up in the Gulf and wider Middle East, with increasing opportunities to invest in projects linked to sustainability and energy transition.

The next two major climate change conferences, COP27 and COP28, will be held in Egypt and the United Arab Emirates respectively.

Issuance of green bonds also allows borrowers from the region to diversify their investor base.

Recently, Saudi Arabia’s sovereign Public Investment Fund raised $3 billion from green bonds, while First Abu Dhabi Bank raised $700 million from green bonds earlier this month.

Read more:

Japan inflation at highest level since 2014

Citi, Barclays see Indian rupee slumping to fresh low of 85 per dollar

UAE seeks to lure tech firms in Asia, Europe with long-term residency, financing

Top Content Trending