RIYADH: The Saudi British Bank, or SABB, has launched the first Shariah-compliant green deposit in the Kingdom, which will finance sustainable programs.
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.
