Kuwait Finance House (KFH) Group Chief Strategy Officer, Fahad Khaled Al-Mukhaizeem said in a conference organized by Eco Business Incubator “We are pleased today to participate in “Country’s Environment” conference organized by ECO Business Incubator. The conference aims at discussing the achievements and future plans of the government and private sectors in the field of environment and renewable energy, as well as contributes mainly to supporting and developing SMEs and enhancing their role in achieving environmental and sustainable development goals.”
During his speech at the ECO Business and Renewable Energy Conference, Al-Mukhaizeem added that the topic of sustainable development has undoubtedly become vital and essential at the institutional and state level. By the nature of our work as a leading Islamic bank, we have had and continue to have many contributions in terms of social, environmental, and responsible investments even before sustainability standards gain this significant momentum and global focus.
He reiterated that KFH continues to assume its responsibility towards sustainable development goals in various elements such as environmental, economic, social, governance, human resources, women empowerment, etc... indicating that the Bank integrates sustainability elements into its business and banking activities because it recognizes its key role to meet this challenge and help shape the global shift to a sustainable and environmentally friendly economy. Furthermore, we also recognize that the implementation of sustainability strategies enhances the sustainability of businesses in general.
Al-Mukhaizeem stated that by the Grace of Allah, KFH has made major strides in the integrated sustainability strategy of the Group by having the elements needed to achieve it such as young national talents, adopting digital solutions, launching a sustainability report, geographical expansion, and financial inclusiveness. KFH Group contributes to providing services to about 7.5 million customers in the GCC, Asia and Europe.
KFH also has a significant role in the transition to a green economy, increasing its investments in green Sukuk from the total financing portfolio and providing financing and technical incentives for projects that consider environmental factors and reduce carbon emissions.
In addition, Al-Mukhaizeem pointed out that KFH has an impressive record of social responsibility initiatives, indicating CSR is a major element of sustainability. KFH launched several comprehensive initiatives that made positive impacts in society. These initiatives focused on aspects such as health, humanitarian, environmental, youth, sports, solidarity, people with special needs, students, among others. In addition, the Bank launched “Keep it Green” campaign, the umbrella under which many environmental projects and initiatives were organized within the Bank’s social responsibility including:
- KFH Auto showroom which is fully compatible with green buildings standards and global sustainability standards. It is the largest auto showroom in the Middle East covering a total area of 38 thousand square meters.
- Five products of KFH smart plastic cards which are made 85.5% of recycled plastic materials according to global quality and durability specifications and in accordance with the highest environment sustainability standards as recognized and certified by global organizations.
- Agreveg initiative which is an initiative executed by Kuwaiti youth to transform vegetables and fruits leftovers to an organic fertilizer for the soil, making the Bank the first private institution to sponsor this type of projects.
- Strategic partnership with Sedra initiative and Voluntary Green Dream Team that includes activities and different environmental projects in plantation and reducing carbon emissions such as Carbon Offset platform, the first platform in Kuwait for the mitigation of carbon emissions through plantation and other future environmental projects.
- The launch of KFH sustainability report as part of the Group’s integrated sustainability strategy, which included elements of environment, society, financial inclusiveness, employee rights, customer protection guide, in addition to governance in KFH operations, activity and management on the operational level or the business continuity level to achieve an added value for the shareholders, customers, partners and stakeholders.
Al-Mukhaizeem added "being a main component of the Kuwaiti private sector and one of the largest Islamic banks in the world, we shoulder the responsibility to support environmental, sustainable and renewable energy projects in the country within New Kuwait Vision 2035, and in line with the United Nations Sustainable Development Goals Initiative and the Paris Convention on Climate Change.”
He expressed his thanks to ECO Business Incubator for the thoughtful efforts to organize this conference, voicing hope it would result in positive outcomes and recommendations that would add value to energy and environmental plans in Kuwait while promoting sustainability strategies.
Executive Manager, Corporate Governance – Mohammed Al-Arbeed
Meanwhile, KFH Executive Manager – Corporate Governance, Mohammed Al-Arbeed said that KFH has taken proactive and extraordinary steps in sustainability, underlining the launch of work frame development project, which led to the launch of KFH’s sustainability report.
Al-Arbeed added that a sustainability team has been structured, which has worked on a clear approach and plan to monitor, analyze and measure economic, social and environmental impacts whether at operational level, or business continuity and development level, as well as identify risks and opportunities arising from various social and environmental crises and ways to manage them for maximizing the gains of all stakeholders and development partners.
He noted that KFH is the first bank in Kuwait to establish regulatory institutional framework for sustainability, Corporate Governance and Sustainability Board Committee, execute general supervision on sustainability at KFH Group level, follow up on strategy implementation in accordance with the performance measurement standards. the Team submits reports to the Board Committee, Sustainability Unit and ESG Centralized Unit in addition to the ongoing development of sustainability framework and being a focal point for all external and internal partners, implement sustainability framework at Group level as well as prepare reports, policies and procedures for sustainability.
As for the many projects and initiatives the Bank has launched as part of its sustainability strategy, Al-Arbeed mentioned “Paperless” initiative that focuses on adopting technology in all banking transactions to reduce, or eliminate the use of paper, in addition to different initiatives launched under the “Keep it Green” campaign.
In conclusion to his speech, Al-Arbeed emphasized the importance of organizing similar conferences to promote awareness on sustainability and environment in the society, pointing out that KFH is keen on supporting sustainability- related projects. He unveiled that many sustainability projects will soon be implemented.