UAE's Emirates Islamic leverages Islamic finance to pursue net zero at COP28

UAE lender Emirates Islamic, is leveraging Islamic finance to drive climate action and support the country's sustainability agenda at this year's COP28 summit. 

Emirates Islamic, which is the Islamic subsidiary of Emirates NBD, is committed to providing enhanced transparency around funded projects and assets that carry environmental and social benefits by issuing sustainable finance instruments including green sukuk, the lender said in a statement. 

Islamic finance has gained prominence in recent years as a unique and ethical financial system guided by Shari’ah principles. Emirates Islamic remains committed to reducing its environmental impact, in line with the UAE Net Zero by 2050.

Farid Al Mulla, chief executive officer at Emirates Islamic, said that there are many synergies between ESG principles and Islamic finance.

"We pledge our support to the UAE’s sustainability agenda with our foundation in Islamic fundamentals, which helps us strive to contribute towards society in promoting equitable creation of wealth and a prosperous economy.”