Abu Dhabi Islamic Bank Portfolio Grows To AED 5.567 Billion In 2023: Report

Abu Dhabi Islamic Bank (ADIB) has released its annual Environmental, Social, and Governance (ESG) report, revealing that the bank's portfolio reached AED 5.567 billion in 2023.

As per the report, ADIB issued the world's largest green sukuk by a bank, raising US$ 500 million to support green initiatives and sustainable Islamic financial products.

The report also highlighted ADIB's commitment to good governance and sustainability, detailing its performance and management of environmental and social goals. These efforts align with the UAE's Vision 2050 and the Abu Dhabi Economic Vision 2030.

Alongside the report, the bank also announced the set targets to achieve net-zero emissions for Scope 1, and Scope 2 as well as financed emissions by 2030, showing its dedication to reducing its carbon footprint, WAM reported.

Mohamed Abdelbary, Acting Chief Executive Officer at ADIB, said, "ADIB's strategic journey is marked by a steadfast commitment to innovation and sustainability. By integrating robust ESG frameworks into our operations, we are not only enhancing our service offerings but also contributing to the global efforts towards a sustainable future."

"We are proud of our achievements, ranging from issuing the largest green sukuk by a bank to advancing our Net Zero targets. These milestones reflect our strategic vision and dedication to creating a positive impact on our communities and the environment," he added.

Abdelbary shared that the bank is committed to upholding Islamic finance principles, reflecting its dedication to sustainability, ethical and responsible financial practices, transparency, accountability, and risk management.

He further said that the report highlights the bank's efforts to improve social and environmental impact and ensure ongoing success as a responsible and ethical financial institution.

Overall, the report mentioned several key areas such as the environment, net-zero plan, sustainable finance, and ESG governance, among others, continuing with its commitment to community and alliances.

In April, the United Arab Emirates pledged USD 50 million as part of the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0) initiative to assist member countries of the Islamic Development Bank in lifting millions of individuals out of poverty.

This initiative uses funds to help projects based on health and infectious diseases, agriculture, and social infrastructure in low and lower-middle-income Islamic Development Bank member countries.