BEEAH Group and Emirates Islamic have entered into a joint agreement for a partnership that includes an ESG-linked financing facility.
The facility features Shariah-compliant term financing, as well as a Liquidity Murabaha structure based on the sale and purchase of tradable certificates.
The financing facility’s proceeds will be strategically allocated across its activities in “future-critical sectors,” such as clean energy, green mobility and waste management, it was shared.
“The facility will also ensure regular CAPEX utilisations towards investment in the modern technologies and equipment utilised by BEEAH to run existing and new sustainability-driven projects in the UAE and the wider GCC region,” the company noted.
In addition to this, the two will collaborate on education and awareness to promote sustainable practices among both individuals and organisations.
The signing ceremony took place in BEEAH Group’s iconic HQ, in the presence of representatives from both entities including Khaled Al Huraimel, Group CEO and Vice Chairman of BEEAH Group and Farid Al Mulla, CEO of Emirates Islamic, who signed the agreement.
Khaled Al Huraimel Group CEO and Vice Chairman of BEEAH Group, commented: “As we continue to grow and spearhead ground-breaking industry firsts with our projects that support a more sustainable future for all, it is more important than ever that we collaborate with partners in other sectors to pave the way forward. By working with Emirates Islamic, BEEAH will continue to drive positive change for the environment, while exploring sophisticated financial mechanisms that support our initiatives.”
Farid Al Mulla, CEO of Emirates Islamic, added: “Emirates Islamic’s commitment lies in supporting businesses that are focused on furthering the UAE’s long-term sustainability agenda, aligned with our own sustainability objectives. BEEAH is setting new standards for sustainability with its array of innovative ventures aimed at charting a course for a smarter and more sustainable future. We are pleased to sign an ESG-linked financial agreement with BEEAH Group, a leader in the sustainability sector.”