Dubai Islamic Bank Advocates for Climate Action at COP28 as an Associate Pathway Partner

As the countdown to COP28 UAE continues, Dubai Islamic Bank (DIB) has announced that it will participate at COP28 as an Associate Pathway Partner, demonstrating its commitment to eco-conscious initiatives and sustainable financial solutions. DIB will have a presence in the Green Zone’s Climate Finance Hub at the event. As one of the paramount climate forums globally, endorsed by the United Nations, COP28’s hosting in the UAE underscores the country’s determination to combat climate change.

DIB’s presence in the Green Zone, an exclusive arena steered by the COP28 Presidency, facilitates robust interactions with a wide audience comprising the public, youth associations, academics, creatives, and the corporate realm. This association not only amplifies DIB’s sustainability initiatives but also presents a platform to foster conversations around the green transition and holistic eco-centric solutions. The summit also provides opportunities for DIB to participate in events, showcases its commitment to mitigating and eradicating undesirable and harmful activities that can impair the global environment, and engage in talks that promote dialogue, awareness, education, and promote positive climate action.

The bank’s persistent collaborations with entities like the Emirates Environmental Group, The Storey Group, Tesla, and Dubai Can, represent its strategic ambitions to become a leading sustainable financial institution in the region and beyond. “Our engagement with COP28 signifies the harmonization of the UAE’s net-zero objectives with DIB’s ESG mandates. Stepping forward as an Associate Pathway Partner, we not only validate our allegiance to the UAE’s sustainable objectives but also reinforce our strategic involvement at the COP28 Climate Finance Hub.

The objective is clear: to elevate our sustainable finance framework and spur meaningful dialogues with global sustainability frontrunners. This conference, in essence, drives the agenda for immediate, substantive climate action, aligning perfectly with our broader sustainability ethos. ” also highlighted the significance of the conference, adding, “COP28 provides DIB, along with its global counterparts, with an unparalleled opportunity to demonstrate our commitment to becoming net zero.

By using advanced sustainable finance solutions and fostering constructive conversations, we intend to serve as a catalyst for a global green transformation. ” The announcement of the bank’s participation follows a series of climate-related initiatives from DIB, including the recent commitment to plant one tree for every new account activation. This initiative represents DIB’s dedication in mitigating the effects of climate change while also fostering a customer-led community of environmentally conscious individuals.

Established in 1975, Dubai Islamic Bank is the largest Islamic bank in the UAE by assets and a public joint-stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world’s first full-service Islamic bank and the second-largest Islamic bank in the world. With Group assets over USD 80bln and a market capitalization of more than USD 10bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa.

Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah-compliant products and services to retail, corporate and institutional clients. In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across several markets worldwide. The bank has established DIB Pakistan Limited, a wholly-owned subsidiary that is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, as well as the most extensive and innovative portfolio of Alternate Distribution Channels.

The launch of Panin Dubai Syariah Bank in Indonesia early in 2017 marks DIB’s first foray in the Far East, the bank owns over 25% stake in the Indonesian bank. Additionally, in May 2017, Dubai Islamic Bank PJSC was given the license by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in 2018 in UAE.

In early 2020, DIB completed the acquisition of Noor Bank, which solidifies its position as a leading bank in the global Islamic finance industry. In 2021, DIB increased its foreign ownership limit to 40% reflecting the increasing confidence of global investors towards the bank. The Bank’s ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide.

DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the Best Islamic Bank in various prestigious ceremonies and recognized for its outstanding performance amongst the world’s Islamic Banks, marking it a clear indication of the bank’s leadership position in the Islamic finance sector. .