KFH and UNDP join forces to boost investment in achieving the Sustainable Development Goals
Kuwait – 17 January 2023, the Kuwait Finance House (KFH) and the United Nations Development Programme (UNDP) signed a Memorandum of Understating that will help KFH more closely aligns investments across all of its business sectors with the Sustainable Development Goals (SDGs), with the technical support of UNDP, through key instruments such as, SDG impact standards and Green Sukuk.
“KFH is moving forward in its green finance efforts by providing financial and technical advantages to initiatives that take into consideration environmental aspects and carbon emissions mitigation,” said Abdulwahab AlRushood, Acting CEO of the KFH Group. “This partnership comes at a right moment, as we are keen on increasing our investment in green sukuk from the total financing portfolio and scaling up on linking our investment with SDGs.”
Established in 1977, KFH was Kuwait’s first bank to operate in accordance with the provisions and ethical value of Islamic Shari’a and has grown to be a leading Islamic financial institution, globally. KFH has adopted a pioneering sustainability strategy and launched its “Keep it Green” program as an umbrella for several sustainability initiatives. This has earned it Gold Level Certificate from the Global Sustainability Assessment System GSAS – the first Bank in Kuwait to receive such certification.
The technical partnership with UNDP will support KFH to further ramp up its efforts to embed sustainability and the SDGs across its investment portfolio through SDG impact investment and scaling up of green sukuk.
“Sustainability sits at the heart of this groundbreaking new partnership with KFH. Together we will support countries in the region and across the globe to elevate climate action and help meet their commitments made under the Paris Agreement,” highlighted Assistant Secretary General and Director of UNDP’s Regional Bureau for the Arab States, Khalida Bouzar. “The private sector has a key role to play in helping countries achieve the ambitious 2030 Sustainable Development Agenda. We look forward to working closely with KFH on bringing our partnership to fruition.”
As part of its integrated sustainability strategy, KFH applies ESG (Environmental, Social and Governance) standards across all of its investments and adheres to the principles of transparency, financial inclusion, and women empowerment across its operations.
About Kuwait Finance House (KFH):
Kuwait Finance House (KFH) is considered a pioneer in the banking phenomenon known as Islamic Finance or Sharia Compliant Banking. KFH is the first Islamic bank established in 1977 in the State of Kuwait and today it’s one of the foremost Islamic financial institutions in the world.
KFH has steadily managed to expand its business and achievements to lead the Islamic banking industry and become a pioneer financial establishment, not only in the Islamic banking industry, but also in the banking sector as a whole, besides being one of the biggest lenders in both the local and regional markets.
KFH provides a wide range of banking sharia compliant products and services, covering real estate, trade finance, investment portfolios, commercial, retail and corporate banking and is available in State of Kuwait, Kingdom of Bahrain, Kingdom of Saudi Arabia, United Arab Emirates, Turkey, Malaysia, and Germany.
About the United Nations Development Programme (UNDP):
UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Working with our broad network of experts and partners in 170 countries, we help nations to build integrated, lasting solutions for people and the planet.