The strategic collaboration with the Gulf Organisation for Research and Development (GORD) marks a significant milestone in QIB’s strategy focused on fostering sustainable banking practices.

Qatar Islamic Bank (QIB) signed a Memorandum of Understanding (MoU) with the Gulf Organisation for Research and Development (GORD) to promote sustainable projects and help mitigate the impacts of climate change through green products and services. The MoU was signed by Mr. Tarek Y. Fawzi, Chief Wholesale Banking Officer from QIB and Dr. Yousef Alhorr, Founding Chairman of GORD.

Aligned with the objectives of Qatar National Vision 2030 and the National Climate Change Action Plan, this strategic alliance lays the foundation for QIB to further promote green mortgage and sustainable real estate financing, while introducing innovative products and services. Together, QIB and GORD will leverage their expertise and resources to implement impactful sustainable finance initiatives, with a particular focus on driving progress in green buildings certified by the Global Sustainability Assessment System (GSAS). This collaboration will drive QIB's proactive approach towards promoting sustainable practices and environment-friendly initiatives within the real estate sector.

“We are pleased to partner with GORD on this significant initiative," stated Mr. Tarek Y. Fawzi, Chief Wholesale Banking Officer at QIB. “Through joint efforts, we strive to actively contribute to sustainable development and address the challenges posed by climate change. As part of our renewed focus on ESG principles, our future strategy emphasizes enhancing sustainability in our financing activities, continuing supporting local communities, and implementing initiatives that reduce our own environmental impact. This partnership also aligns with our commitment to delivering innovative and responsible banking solutions to our customers.”

Dr. Yousef Alhorr, Founding Chairman of GORD, expressed his enthusiasm for the partnership, stating, “By integrating environmental considerations into financial services, we can create a virtuous cycle where sustainable development and economic prosperity go hand in hand. Green buildings not only reduce carbon emissions and energy consumption but also enhance the overall quality of life for occupants.  Together with Qatar Islamic Bank, we will work towards creating a sustainable future by integrating environmental considerations into financial services. Our collective efforts will not only promote Qatar’s sustainable development but also contribute to the global fight against climate change."

QIB has recently made significant progress towards promoting sustainability and environmental responsibility. These initiatives include the establishment of a dedicated Sustainability Committee and a specialized division within its Strategy Group. Their primary objective is to develop and implement a comprehensive governance framework for effectively managing sustainability. Moreover, the bank has proactively incorporated ESG risks into its existing Risk Management Framework, showcasing a strong commitment to considering environmental, social, and governance factors in its operations. In a recent achievement, QIB has become the first Qatari bank to embrace the Equator Principles and join the Equator Principles Association (EP Association). This decision underscores QIB's dedication to fostering sustainable banking practices and driving sustainable development.

QIB’s recent collaboration with GORD comes as a continuation of its environmental commitment. As a leading organization driving sustainability to combat climate change, GORD’s key operations encompass research, development and innovation (RDI), setting standards, certifying green buildings, providing accreditation services, facilitating voluntary carbon markets, conducting performance testing, and disseminating knowledge. These activities align with Qatar National Vision 2030 and the United Nations Sustainable Development Goals (SDGs).

The partnership between GORD and Qatar's largest private sector bank with a large portfolio of real estate customers, and the leading sustainability solutions provider in the region, is poised to greatly advance the development of green infrastructure in the country.

For more information, visit www.qib.com.qa