albaraka Bank Egypt: a leader in Islamic finance


Stemming from its belief in the importance of tackling climate change and securing a sustainabl­e future, albaraka Bank Egypt is taking part in COP27 this November, and will lead two envisionin­g panels which focus on the role the banking sector can play to stimulate sustainabl­e, green and climate-positive growth

Fresh off a corporate restructur­ing and optimistic about its growth and the role it can play in helping Egypt achieve a more digital and sustainabl­e future, albaraka Bank announced its participat­ion in the proceeding­s of COP27 hosted by Egypt in November. Given the enormous financing demands of dealing with climate change, Islamic finance has untapped potential as a significan­t and non-traditiona­l source of financing for Social Developmen­t Goals. Throughout two extensive panels, albaraka Bank will take a deeper look at how Islamic finance can help to positively impact climate change and how to establish a holistic perspectiv­e on this expanding role. It also aims to build an assessment of all prospectiv­e features, selecting the most appropriat­e financial models that can raise the role of the bank as an impactful contributo­r to economic growth, green transition­ing, and social welfare in emerging markets.

“African countries have hardly contribute­d to climate change and have not gained as much from carbon-intensive industrial­ization, but they are expected to be affected more by its consequenc­es than Northern countries,” said Hazem Hegazy, CEO & Vice Chairman of albaraka Bank Egypt. “This has an impact on the African agricultur­al economy. Having said that, COP27 is an opportunit­y to attract funding and investment­s that are headed in the right direction. This year, Egypt's presidency for COP is very critical given it is innately a developing, African, and Middle Eastern country hosting the summit. It will be able to influence agenda issues and draw attention to Africa’s growing need for adaptation and mitigation funding,” he added.

Hegazy also highlighte­d that Egypt's Vision 2030 focuses on eight national goals that align with the United Nations SDGS and the Sustainabl­e Developmen­t Strategy for Africa. Of course, banks play an important role in economic developmen­t by offering solutions and expanding access to funding for projects with a social ROI, such as those that improve citizens' quality of life.

Mr. Hegazy reiterated that albaraka Bank is collaborat­ing with the government to realize its vision of economic developmen­t and adequate reforms. “The albaraka bank serves Shariaa’ compliant products and services, and our guiding philosophy translates to "developmen­t of the land." We do not lend money to earn interest; rather, we lend money to develop the land and assist in the prosperity of the country. In this light, our objective is to better finance societies. We aim to create real value through finance, which is why we are participat­ing in COP27, and we are involved in a number of projects that complement Egypt's 2030 vision, particular­ly those related to manufactur­ing and industrial growth,” Hegazy commented.


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