Doha: Masraf Al Rayan (Q.P.S.C) AlRayan Bank and HSBC completed the first Islamic ESG KPI Linked repurchase agreement (repo), a sustainable finance deal in support of Al Rayan Bank’s transition journey.  The structure includes Sustainable Performance Targets (SPTs) that AlRayan Bank needs to reach within the next three years.

AlRayan Bank launched its Sustainable Finance Framework in 2022 to support the wider commitments of the State of Qatar’s Net Zero transition journey, Qatar National Vision 2030 and the recently launched Sustainability Strategy from the Qatar Central Bank. The bank offers a number of Environmental, Social and Governance (ESG) products including green deposits and financing for Electric Vehicles.

As part of the strategy to reach the Sustainable Performance Targets for Environment, Social and Governance aspects, AlRayan Bank collaborated with key partners to develop an outline for activities and projects.

“We are fully committed to delivering on the Sustainable Performance Targets as part of our ESG strategy that also indicates the progress that the bank is making on its transition journey”, said Mr. Fahad bin Abdulla Al Khalifa, GCEO AlRayan Bank. “We are grateful for the support and cooperation from HSBC as a key partner supporting us delivering on the country’s ESG agenda.”

“Transactions like the first Islamic ESG KPI-linked repo demonstrates the importance and focus HSBC places in helping our clients achieve their ambitions in their net zero journey in Qatar. This landmark transaction further builds on the close collaboration we have with AlRayan Bank in partnering with them on their transition journey’’, said Mr. Abdul Hakeem Mostafawi, CEO of HSBC in Qatar.

About AlRayan Bank:

Masraf Al Rayan QPSC (AlRayan Bank) stands as a leading Islamic financial institution originating from Qatar with a global reach that extends to the United Kingdom, France, and the United Arab Emirates. Managing assets of circa QAR 165 billion, the bank is renowned for its comprehensive suite of solutions that are compliant with Islamic Sharia law, overseen by specialized regulatory bodies.

The bank's services include corporate banking, SME banking, personal and private banking, asset management, financial consulting, and treasury and institutional services. AlRayan Bank has set benchmarks in sustainable Islamic financing, launching Qatar’s first green deposit and the inaugural program for sustainable Islamic finance, thereby supporting the country's transition towards environmental sustainability.

Proud of its extensive network, AlRayan Bank operates 13 branches and 105 ATMs strategically placed across Qatar's key locations, including commercial centers, traditional markets, and business districts. The bank continues to provide exceptional banking services around the clock through its advanced digital platforms and mobile app, enhancing the modern and comprehensive banking experience for its clients.

Media enquiries to:
Greta Madgwick
greta.madgwick@hsbc.com

About HSBC in the MENAT region

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.