Kuwait Finance House (KFH) participated in the 3-day Climate Change Hackathon organized by Gulf University for Science and Technology (GUST) to support the efforts towards sustainability and environment preservation. KFH took part in this event under its (Keep it Green) campaign which aims to support social initiatives related to sustainability and environment.
In his speech given during the hackathon, KFH Executive Manager Governance and Sustainability Mohammad Alarbeed, expressed his appreciation for representing the bank in this event to discuss global challenges of climate change, and tackle key topics of environmental implications and sustainability. He added that KFH is making great sustainability efforts and is moving forward with its commitment to preserving the environment through strategic partnerships, initiatives and adopting eco-friendly business solutions.
At KFH Group level, Alarbeed said that sustainability has been, since establishment, an essential element of KFH’s core strategy, and part of its vison and mission, as well as the core of the Shari'ah-compliant financing principles.
He pointed out that Islamic finance industry is key element in sustainability as sustainable finance is prioritizing businesses that support the environment, while considering inclusion, good governance, and ethical business standards.
He added that environmental, social and governance (ESG) considerations dominate investment decisions in recent years, stressing KFH's keenness to expand its investments in green sukuk and green finance by providing financial advantages to projects and initiatives that take into account environmental aspects and efforts to reduce carbon footprint.
Alarbeed also touched on KFH's recent sustainability and environmental achievements, saying that the Bank issued the sustainability report which included (ESG) pillars as part of the comprehensive sustainability strategy. In addition, KFH signed a Memorandum of Understating with the United Nations Development Program (UNDP) for establishing stronger alignments with the Sustainable Development Goals (SDGs) across KFH. The Bank has also launched (Keep it Green) campaign, under which it executes several sustainability initiatives. He also mentioned that KFH is the first bank in Kuwait to receive Global Sustainability Assessment System GSAS certificate – Gold level for its environment-friendly auto showroom (KFH Auto).
It is worth noting that KFH offers banking cards which are made of recycled plastic materials according to the highest environment sustainability standards. In terms of social considerations, the Bank also channels its policies on empowering women, supporting youth, providing unique services to clients with special needs, and focusing on talent development.
Concluding his speech, Alarbeed hoped that these events would achieve their goals by launching several initiatives and adopting fruitful environmental solutions.