Kuwait Finance House (KFH) has concluded its recent participation in the 28th Conference of Parties (COP28), which took place from 30 November to 12 December at Expo City, Dubai.

KFH’s participation was part of its commitment towards supporting sustainability initiatives, countering climate change implications, and promoting the role of green finance.

COP28 brought together presidents, leaders, senior officials and chief executives from international financial institutions and private sector to take part in the United Nations Development Program (UNDP) and contribute to creating opportunities for sustainable and green change.

KFH’s pavilion was accessible to visitors in the Green Zone. The bank’s delegation organized many events for visitors to shed light on KFH’s role and its contribution to local and global initiatives that are geared towards sustainability and environment preservation, as well as its leadership in the green finance.

KFH delegation welcomed international and local officials to its pavilion. Among them was Abdallah Al Dardari, the UNDP’s Assistant Secretary-General and Director of the Regional Bureau for Arab states. Al Dardari was briefed on KFH’s leading role in the sustainability sphere. He commended KFH’s contribution to the UNDP sustainability endeavors and hoped this strategic partnership would continue.

The delegation also met with high level officials from Kuwait including His Excellency the Minister of Foreign Affairs Sheikh Salem Abdullah Al-Jaber Al-Sabah, His Excellency the Minister of Finance, Fahd Abdulaziz Al Jarallah, His Excellency the Minister of Electricity, Water and Renewable Energy Dr. Jassem Al-Ostad, and the Secretary General of Kuwait Banking Association, Hamad Al-Hasawi. They expressed their gratitude for KFH’s substantial support to the environmental and sustainability initiatives, as well as its interest in developing a strategy to disseminate societal awareness on the significance of environment preservation and sustainability.

KFH also organized “COP-Talk” series of joint discussions in partnership with the (UNDP). "COP-Talk" aims to foster dialogue and collaborative efforts on climate change, sustainable development, and environmental preservation, with a special focus on the role of the private sector and ethical finance in supporting Agenda 2030. This series highlighted how Islamic financial principles contribute to and align with global sustainability goals.

Meshal Alshayee

KFH Group Deputy General Manager Compliance and Governance, Meshal Alshayee said that he is proud of KFH’s involvement in such a significant global event that would contribute to the preservation of the environment and support of sustainability.

He added that the participation in the conference underlined the importance of the Islamic Finance sector in sustainability, noting that sustainable finance is prioritizing businesses that support the environment, while considering ESG standards and the United Nations Sustainable Development Goals (SDGs), which are at the core of all KFH’s social responsibility initiatives.

“KFH is making substantial progress in integrating sustainability elements into all its operations. Sustainability has become an intrinsic part in the various elements of KFH’s strategy.” said Alshayee.

He highlighted KFH’s global recognition for its sustainability endeavors for which it has received various prestigious global awards in 2023 such as the “Sustainability” Award in the Middle East from EMEA Finance magazine and the “Best Bank for Sustainable Finance” from Global Finance.

Mohammad Alarbeed

KFH Executive Manager Governance and Sustainability, Mohammad Alarbeed participated in a seminar held in Kuwait Pavilion located in the Blue Zone. Alarbeed shared details of the prominent sustainability projects, products and services adopted by KFH for boosting the culture of sustainability and environment protection in the local and international communities.

He showcased the social and environmental initiatives implemented under the (Keep it Green) campaign, saying that the banking cards issued by the Bank are made from recycled materials. He also revealed the newly launched services such as “Zaheb” digital platform, which provides innovative and secure payment methods between companies and their customers.

Additionally, Alarbeed pointed out the positive influence following the successful launch of KFH’s First Shari’a-compliant digital bank in Kuwait: “Tam Digital Bank”, affirming that through Tam, KFH made sure to meet the needs of the youth segment and offer as many facilities as their lifestyle requires such as opening a bank account, controlling expenses, and gaining rewards/points for every purchasing transaction made.

He pointed out the importance of equitable use of natural resources in constructing eco-friendly buildings, which KFH achieved through its eco-friendly auto showroom: KFH Auto. The showroom was recently awarded the GSAS certificate – Gold level, which is granted to projects compliant with strict environmental sustainability standards.

Alarbeed went on to say that KFH has also launched the Green Products Financing Campaign. The campaign offers customers financing for eco-friendly products when building their future homes. This forward-thinking initiative contributes to preserving the environment, maintaining natural resources, and reducing energy consumption in private housing areas, supporting the country's efforts towards achieving net zero carbon emissions by 2060.

Mohammed Alfaris

Meanwhile, KFH Executive Manager Media and Government Relations, Mohammed Alfaris underlined the vital role of (Keep it Green) campaign and the various strategic partnerships signed with the youth and entrepreneurs focusing on sustainability and environmental aspects.

Alfaris noted that KFH capped off its efforts by signing a number of strategic partnerships. These included the MoU with the UNDP, the collaboration with Kuwait Environment Public Authority, the cooperation with the scientific Center, a subsidiary of Kuwait Foundation for the Advancement of Sciences (KFAS), to organize a series of workshops on environment preservation and sustainability. KFH also partnered with (SEEDS) to launch a digital academy specialized in the field of environment and sustainability.

Khalid AlRukhayes

In a different seminar during COP28, KFH Executive Manager Capital Market, Khalid AlRukhayes talked about Sukuk market, in particular the development of green and sustainability Sukuk compared to previous years.

“It is more likely that we will witness an increased demand for green Sukuk, as they hold various significant features related to social and environmental matters. Sustainability Sukuk align with the State’s and the GCC’s vision.”, said AlRukhayes.

It is worth noting that over 70 thousand participants from 198 countries attended COP28 to discuss and keep pace with the latest issues in climate change and sustainability arenas around the world.