Arab News, Thursday, Jan 13, 2022 | Jamada Al-Aakhirah 10, 1443
SABB unveils Saudi Arabia’s first Shariah green deposit amid sustainability push
The Saudi British Bank, or SABB, has launched the
first Shariah-compliant green deposit in the Kingdom, which will finance
Money deposited in the fund will be mainly used to
support projects such as renewable energy, clean transportation, sustainable
water management, and climate change adaptation, SABB said in a statement.
“This is just one action to help meet the
Kingdom’s aspirations under the Saudi Green Initiative,” Managing Director at
SABB Tony Cripps said.
The step is in line with the bank’s efforts to
provide customers with sustainable solutions and products.
It also aligns with SABB’s commitment
to environmental, social, and governance standards in the Kingdom as part of the
bank's five-year strategy.
In 2021, SABB led the financing of a SR14 billion
($3.7 billion) loan for the tourist-based Red Sea Project, which marked the
first-ever Riyal-denominated green bond.