Masraf Al Rayan launches Qatar’s 1st Sharia-compliant ‘Green Deposit’

Tribune News Network Doha Furthering sustainable investment options in Qatar, Masraf Al Rayan (Al Rayan) has launched the country’s first Shariah-compliant...

Tribune News NetworkDohaFurthering sustainable investment options in Qatar, Masraf Al Rayan (Al Rayan) has launched the country’s first Shariah-compliant Green Deposit, a unique alternative investment solution that allows Riyal deposits and other major currencies to be deployed for funding green initiatives.Clients seeking to incorporate environmental and sustainability goals in their business ambitions can participate in these deposits that will finance ESG projects. The initiative was launched at an official signing ceremony last Thursday, in the presence of Fahad bin Abdulla Al Khalifa, GCEO of Masraf Al Rayan, and Abdulrahman Al Suwaidi, Acting GCEO of Qatar Development Bank. Fahad bin Abdullah Al Khalifa, Group CEO of Al Rayan, said, “We are proud to bring the first Sharia compliant Green Deposit product to customers in Qatar, particularly at a time of raised awareness towards our ethical responsibility to support sustainable investment solutions. Collectively, we can create a positive impact and enable our clients to manage their funds in a more environmentally responsible way.”Abdulrahman Al Suwaidi, Acting GCEO of Qatar Development Bank, praised the Green Deposit, saying: “We want to extend our gratitude to the colleagues at Masraf Al Rayan for this initiative. This partnership aligns with Qatar Development Bank’s strategy in opening new venues for leading projects that contribute to Qatar’s sustainable development efforts. We look forward to introducing the Shariah compliant Green Deposit as a model for sustainable solutions and an example for active environmental and social responsibility.” As part of its active ESG programme, Al Rayan supports the introduction of environmentally sustainable finance practices which align to the laws and standards adopted by Qatar as part of its sustainable development agenda.