Bank of Palestine Publishes First Sustainability Report Using Standards of the Global Reporting Initiative
Bank of Palestine has issued its first sustainability report entitled "For a Green and Sustainable Future," in conformity with the Global Reporting Initiative standards. This move underlines the bank's commitment to periodic and voluntary disclosures about its best practices in applying sustainability principles, engaging with all segments of society, and assessing the environmental impact of these interactions.
The report focuses on the main pillars of sustainability at the Bank of Palestine: environment, community, and governance. It details the Bank's achievements concerning sustainability for the year 2021. This is in line with the Bank's strategy for the achievement of goals on sustainable development, in compliance with both the Bank's internal strategy and the United Nations standards for sustainable development.
This report includes the sustainability performance of the bank for past years, in particular, its financial, banking, and service activities that have been carried out to minimize environmental impacts, improve social responsibility, and observe principles of governance and transparency during 2021. It also describes the bank's efforts to achieve financial inclusion. The report consists of sections related to the bank's approach to sustainability and the main internal and external performance indicators.
Mr. Hashem Shawa, Chairman of the Board at Bank of Palestine, highlighted the importance of this report and mentioned that sustainability is central within the framework of the Bank's strategy. He further assured that the bank will continue focusing on sustainability, having a crystal-clear, ambitious long-term strategy to significantly contribute to the direction the bank has towards a better future. He added that such a report bolsters customer and investor confidence in the bank's performance, acting like a safety net for any institution seeking to upgrade its operations and ensure continuity.
Dr. Tufida Al-Jarbawi, Head of the Sustainability Committee at the Board of Bank of Palestine, said, "It is my pleasure to issue the first sustainability report for the year 2021, as it falls under the strategy that focuses on sustainability as an important aspect within planning, policies, and banking services. She explained that the interest of the bank in sustainability matters is pegged on its values and commitment to the future of humanity through environmental protection and ideal management and governance.
Dr. Al-Jarbawi added that the timing of issuing this sustainability report coincides with the ambitious goals set by the Board of Directors, as sustainability is an integral part of the bank's work. The bank aspires to be a leader in this field within the banking and national sectors by adopting optimal practices that positively influence the lives of Palestinians.
Bank of Palestine General Manager, Mr. Mahmoud Shawa, made comments confirming that the future success of the bank is closely connected with the increase in transparency and communication effectively with the customers. He added that this report was an honest, straightforward, transparent, and true reference to what the bank had accomplished and its endeavors in this last period. He also expects practical and clearer standards of sustainability across all operations, including the granting of loans to customers for eco-friendly projects like green energy, agriculture, water recycling, waste treatment, and recycling processes.
Bank of Palestine is committed to upholding international best practices in conformity with sustainability standards. It pursues added-value financial services to cater to customer expectations from diversified segments, ensures measurement of impacts on the local environment, and secures the best governance and management practices.