BisB Wins Second Place in Bahrain’s Banking Sector | THE DAILY TRIBUNE
TDT | manama
The Daily Tribune – www.newsofbahrain.com
Islamic Bahrain (BisB) was recently ranked second in the Kingdom’s banking sector in the Environmental, Social and Corporate Governance (ESG) ranking list by ESG Invest – Sustainability Excellence, with a commendable percentile ranking of 84. ESG Invests, assesses and rates the ESG performance of over 700 companies in the Middle East covering nine regional markets. The Bank obtained its score on the basis of its performance on the main ESG issues, namely the integration of environmental and social factors into lending activities, responsible relations with clients, confidentiality and data security, training and development of employees, as well as the prevention of money laundering.
Each of these key criteria was scored based on qualitative Key Performance Indicators (KPIs) and quantitative research conducted by the ESG Invest team. Although the Bank scored high on several criteria, one of the highest scores it received was on the Privacy and Data Security KPI, where BisB achieved the highest possible score.
The Bank was recognized for introducing its end-to-end digital service, which allows individual institutions and Sijili customers to open a corporate account using state-of-the-art facial recognition technology, via the app Bank’s corporate mobile, BisB Corporate Digital. Promoting social and economic development was another high-profile criterion, where the Bank was recognized for its continued focus on supporting the local economy.
The Bank was also praised for rolling out significant measures to address social and economic development and earned additional marks thanks to the Bank’s highly proactive commercial banking division which is responsible for SME financing. BisB also earned top marks in its ESG ratings for its continued commitment to joining the Financial Action Task Force (FATF) and its active measures deployed to prevent money laundering and terrorist financing.
Additionally, the Bank was recognized for conducting comprehensive training programs for its employees on anti-money laundering and achieved high scores in its ESG Employee Training and Development section.
Commenting on the recognition, BisB’s Chief Executive Officer, Hassan Jarrar, revealed, “This milestone achievement demonstrates our successful formulation of a sustainability roadmap and aligns with our goal of effectively positioning BisB as a vital goal and impact. by 2023, while benefiting from recognized ESG leadership and reinforcing the Bank’s dominant position in the market as the lender of choice in sectors with a high impact on sustainable development.