SABB unveils Saudi Arabia’s first Shariah green deposit amid sustainability push

SABB unveils Saudi Arabia’s first Shariah green deposit amid sustainability push
MD Tony Cripps
Short Url
Updated 12 January 2022
Follow

SABB unveils Saudi Arabia’s first Shariah green deposit amid sustainability push

SABB unveils Saudi Arabia’s first Shariah green deposit amid sustainability push
  • The step is in line with the bank’s efforts to provide customers with sustainable solutions and products

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.