AUB becomes a signatory to the UN Responsible Banking Principles
Ahli United Bank has signed the United Nation’s Principles for Responsible Banking, an initiative spearheaded by the United Nation Development Programme (UNEP) in partnership with leading international banks, aiming at aligning global banking practices with long- term social and environmental goals and providing a roadmap for the global financial community in addressing global challenges and contributing to sustainable economic development. The Principles are accessible to all signatories at all stages of the sustainability journey.
The UN’s Principles for Responsible Banking (PRB) provide a universal framework and a set of core principles for the participating banks to implement at strategic, business and operational levels. The six cornerstones Principles require signatory banks to align their strategies and practices with the UN’s 17 Sustainable Development Goals and the Paris Climate Agreement, and to do more to have a positive impact on people and the environment. The initiative also commits banks to establishing appropriate governance structures to implement these Principles and ensure due transparency and accountability on implementation. To date, over 160 institutions from 50 countries with collective assets totaling US$ 50 trillion have joined the initiative.
AUB’s Deputy Group CEO – Operations & Technology Shafqat Anwar commented: “Since its founding twenty years ago, AUB has always been clear-eyed about its role and mission as a responsible bank, fully committed not only to serving the best interests of our customers and shareholders, but also to the common good of the communities we serve, and in the process actively contributing to the socio-economic advancement of the countries where we operate”.
“And because our prosperity as a regional bank depends on the prosperity of the region at large, we’ve put in place rigorous policies to give priority, through financing and our CSR outreach- to those projects and initiatives with the potential to strengthen the macroeconomic fundamentals of the region, advance the cause of economic inclusion and develop human and social capital, while mitigating to the extent possible adverse economic disparity and environmental degradation”.
“At AUB, we are proud of our approach of delivering profit with purpose and of our track record as a socially accountable and environmentally responsible bank. In 2011, AUB was one of the first banks in the Middle East to adopt the Equator Principles, the voluntary yet globally-recognised framework for banks to determine, assess and manage social and environmental risks in project financing. Subscribing to the UN’s Principles of Responsible Banking is a natural next step for AUB, giving us the opportunity to reaffirm our commitment to holding ourselves to the highest standards, and a much-needed platform to collaborate with like-minded banks in making a positive impact and improving people’s quality of life without compromising that of future generations”.