Demonstrating our commitment to ESG, the Board has approved a comprehensive strategy to guide ESG initiatives within the Bank. This strategy is informed by a materiality assessment and further aligned with the international imperatives of the United Nations Sustainable Development Goals (UN SDG) and the Global Reporting Initiative (GRI). To fulfill our purpose, our ESG strategy defines three pillars with nine strategic focus areas. These areas drive our progress and establish a set of commitments to maintain common standards across the group. The ESG strategy, pillar and strategic focus areas are shown in the figure below.
Environmental
Protecting our environment and promoting sustainable finance practices
- Supporting our customers with sustainable banking solutions
- Providing transition financing to our Wholesale Banking Group clients
- Managing RAKBANK environmental footprint
Social
Supporting the underbanked and our communities
- Supporting Micro SME’s & entrepreneurs to grow their business
- Financial inclusion and literacy with a focus on underbanked segments
- Supporting local communities through volunteering
Governance
Aligning our governance with best practice
- Incorporating ESG Metrics into RAKBANK’s Balanced Scorecard
- Establishing clear ESG Governance within RAKBANK
- Alignment to necessary ESG reporting and monitoring standards
ESG ratings & scores
 |
 |
| BBB | 49/100 |
Date: as of November 2024
In 2023, MSCI evaluated RAKBANK’s management of key ESG risks. The MSCI ESG rating measures a company’s resilience to long-term, industry-specific ESG risks, using a rules-based methodology to compare companies with their peers. Ratings range from leader (AAA, AA), to average (A, BBB, BB), and laggard (B, CCC).
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