Manama: Al Baraka Banking Group, a Bahrain headquartered Islamic banking major, said that it had achieved sustainable financing targets one year ahead with offering $3.4billion as sustainable financing to communities.
ABG has published its Sustainability and Social Responsibility Report for the year of 2019 covering important progress made by the Group during the year on its various programmes and activities including an impact assessment of its sustainable financing targets.
The statement stated that the Group had effectively reached one year ahead of plan as set out in the Al Baraka Goals (2016-2020), which are linked with seven of the United Nations Sustainable Development Goals (SDGs) 2030.
The Al Baraka Goals focus on Job Creation, Education, Healthcare and Sustainable Energy and the Group is currently working on the Al Baraka Goals for 2021-2025.
The Report provided a detailed account of the Group’s success in continuing to enhance its efforts to make all its business measurably sustainable and socially responsible. Based on the existing measurement tools, the Group’s overall sustainability and social responsibility programme contributed US$3.4 billion in 2019 to the communities where it operates (primarily with its financing operations).
The Report reflects Al Baraka Banking Group’s commitment in following a business model that helps the organization to be socially responsible and impactful. In 2015, Al Baraka announced the Al Baraka Goals (2016-2020), and subsequently pledged providing financing of over US$822 million towards Al Baraka Goals.
Specifically, the report outlined the goals and achievements in 2019 against the current plan. The Al Baraka Goals (2016-2020) seek to:
1. Help Create over 51,000 jobs.
2. Finance over US$434 million for healthcare projects.
3. Finance over US$191 million for educational projects.
4. Finance over US$197 million for sustainable energy projects during (2019-2020).
During 2019, Al Baraka successfully exceeded all targets:
1. Helping to create 10,570 jobs, which was 104% of the 2019 target of 10,207 jobs.
2. Providing US$27,782,000 to fund/finance education, which was 73% of the 2019 target of US$38,200,000.
3. Providing US$125,079,000 to fund/finance healthcare, which was 144% of the 2019 target of US$86,800,000.
4. Providing US$195,762,000 to finance sustainable energy, which was 231% of the 2019 target of US$ 84,851,000.
“We are proud to support the UN Global Goals for Sustainable Development, which we believe are based on our inherent shared values. We are continuously working to internalize the Global Goals within our business strategy and processes to allow greater impact across our operations,” Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group, said.
“Achieving the Global Goals requires financing at different levels and, therefore, the banking and financial services sector has a key role to play. The investment opportunity to finance the Global Goals is unprecedented, and we should all work together to bridge the SDG financing gap.”
“Al Baraka’s pledge to achieve the previously mentioned SDGs is a reflection of the organization practicing impactful corporate citizenship and building a consciousness throughout the Group, in all aspects, including economic, social, and environmental,” Dr. Ali Adnan Ibrahim, Head of Sustainability and Social Responsibility, said.
