By The South Asia Times

ISLAMABAD -  Faysal Bank, one of the leading Islamic banks of Pakistan collaborates with the Pakistan Institute of Corporate Governance (PICG) to reinforce that they care for the environmental, social, and governance (ESG).

Climate change is a reality and Pakistan stands as a frontline state in that regard, said the bank in a statement. 

"It is but our collective responsibility of the private sector to play a stronger role by adopting sustainable practices to create an environmentally sustainable Pakistan for tomorrow. The change includes environmental concerns, social and financial inclusivity, health & well-being, equity, and human rights. All successful businesses today work within the guidelines as prescribed by Environmental Social Governance (ESG). Investors, regulators, litigators, and community representatives are increasingly active in the same," it said. 

Faysal Bank, empowered by its Islamic ethos and essential core philosophy of equity and wellbeing as instructed in the Holy Quran, has come forward to contribute to this cause by agreeing to a collaborative framework with PICG.

The organization is aware that ESG adoption requires a complete ecosystem to be developed, including capacity building, research, and advisory. “Faysal Bank, in line with its core Islamic values, which includes care, has always been a good corporate citizen.

"We are always trying to create a positive impact including our recent focus on the environment. Understanding and subsequent implementation of ESG standards with core focus on environment will be the foundation of the future for our country and our next generation. We are proud to partner with PICG and PSX to help bring about this positive change leading to the establishment of ESG Scorecard” said  Yousaf Hussain President and CEO, Faysal Bank.

Dr Shamshad Akhtar Chairman PICG & PSX, reiterated her stance on the vital integration of corporate and sustainability with an accountability procedure that creates a transparent system of evaluation, " Businesses need to adopt and implement ESG standards and reporting.”

"PICG is taking the center stage in developing the ESG ecosystem in Pakistan with the help of key partners," she said.

The collaboration with FBL will provide the necessary technical capability to PICG enabling it to translate its ESG mission into an action plan for the financial sector and the corporate sector at large.

Through its strategic interventions, PICG will be able to carry out research and provide corporate advisory and capacity building towards ESG strategy and implementation. FBL, like its conversion, plans on making ESG adoption an equally important contribution to the financial sector for addressing the needs of its customers across the landscape.