Sustainability policy
Based on the Environmental, Social, and Corporate Governance (ESG) Standards Guide for 2024 issued by the Central Bank of Iraq under circular No. 9/4/441 dated 25/09/2024, the concept of sustainability has become essential and vital for humanity in order to preserve life and ensure its continuity. This is achieved by maintaining the natural balance and conserving natural resources, while protecting the planet we live on. It primarily relies on minimizing harm to nature to ensure the survival of humans and all living beings through continued access to clean water, fresh air, and a pollution-free environment. This includes focusing on human well-being by respecting human rights and achieving social justice as recommended by divine laws and human heritage.
Naturally, there are challenges to this, such as the lack of awareness and social culture, economic problems and their consequences, political issues, and the various crises humanity faces in different parts of the world—including conflicts, wars, policy contradictions, exploitative use of human and natural resources, and the absence of security and safety.
Sustainability is achieved through the optimal use of economic resources, ensuring social justice, improving individuals’ lives, guaranteeing well-being, eliminating discrimination based on gender or ethnicity, providing job opportunities for all, ensuring equality, observing human rights, and securing healthcare for everyone. All of this will inevitably contribute to the continuity and advancement of life and living in peace and security.
Bank Sustainability Policy
- The bank aims, through its strategies and employee code of conduct, to achieve its goals with high responsibility and commitment.
- Managing its operations soundly and safely, while considering the rights of shareholders, customers, and stakeholders, and engaging with them by listening to their feedback and criticism with full transparency.
- Full compliance with laws, regulations, and instructions relevant to banking operations and strict adherence to the 2024 ESG standards issued by the Central Bank of Iraq.
- Expanding and diversifying banking services using the latest modern technologies and enhancing communication with society, as this reduces costs and increases service efficiency, ultimately leading to lower expenses.
- Adhering to the laws of anti-money laundering, combating terrorism financing, financial crime, corruption, and drug trafficking.
- Promoting the culture of ESG standards and sustainability.
- Investing in economic projects that take environmental preservation into consideration, such as investment in renewable energy (solar, wind, water), healthcare, land reclamation, and preservation of clean water resources.
- Comprehensive strategic planning, efficient cost management, improved risk management, and the development of effective policies to mitigate or overcome potential risks.
- Adopting a financial inclusion policy that ensures banking services reach all members of society, especially in remote areas.
- Developing human skills and capacities, respecting human rights, economically and socially empowering women, and eliminating discrimination based on gender or ethnicity.
- Reviewing plans and strategies, conducting self-assessments, correcting violations and errors, and complying with required standards.
- Implementing the bank’s corporate governance policy as developed by the Board of Directors and ensuring strict compliance by executive management.
- Respecting human rights and upholding social justice.
- Preserving the rights of shareholders, customers, and stakeholders through consultation aimed at achieving the defined objectives.
- Enhancing principles of transparency and increasing public trust—both individual and collective—for the integrity and sustainability of banking operations.