Qatar International Islamic Bank (QIIB) has received independent confirmation that the full allocation of proceeds from its January 2024 Sustainable Sukuk issuance aligns with established Environmental, Social, and Governance (ESG) standards. The post-issuance review, conducted by global sustainability ratings agency Sustainable Fitch, validated the bank’s adherence to its 2024 Sustainable Finance Framework.

Sustainable Fitch’s assessment, published from Toronto and Barcelona, verified that QIIB allocated the entire QR2.85 billion (approximately $784 million) raised through the Sustainable Sukuk to eligible green and social projects across seven priority sectors within Qatar. This allocation underscores the bank’s commitment to sustainable finance and its strategic focus on projects that deliver both environmental and social development impacts.

The bank’s portfolio reflected a diversified investment approach, with a significant emphasis on green initiatives balanced alongside social development projects. The largest share of the proceeds, 54.4%, was dedicated to Green Buildings, supporting sustainable and energy-efficient real estate developments nationwide. This was followed by 22.5% allocated to Access to Essential Services, which includes financing critical infrastructure and social services.

Other sectors benefiting from the sukuk proceeds include Pollution Prevention and Control (8.7%), Sustainable Water and Wastewater Management (7.7%), Employment Generation and Support for Small and Medium-Sized Enterprises (4.6%), Clean Transportation (1.5%), and Energy Efficiency (0.7%).

QIIB CEO Dr. Abdulbasit Ahmed al-Shaibei described the findings as an independent international endorsement of the bank’s governance and operational standards. He emphasized that the full allocation of the $750 million sukuk funds in strict accordance with eligibility criteria highlights the integration of ESG principles into QIIB’s core business and operational model. According to al-Shaibei, the bank’s efforts are generating tangible benefits for Qatar’s economy and society.

He further noted that the bank’s sustainable finance initiatives align with broader national priorities, including the Qatar National Vision 2030 and the Third Financial Sector Strategy endorsed by the Qatar Central Bank. Al-Shaibei also pointed to QIIB’s pioneering approach in embedding sustainable banking practices, advancing green finance, and incorporating ESG risk assessments into credit and investment decisions as vital components of its long-term strategy.